Categoría Top Descargas
Iniciar sesión Registrarse Subir

El traje nuevo del emperador: Una revisión de la jurisprudencia del Consejo para la Transparencia respecto de las empresas públicas

June 7, 2017 | Autor: Diego Pardow | Categoría: Administrative Law, Government transparency, State Owned Enterprises, Transparency and Good Governance
Share Embed
Laporkan tautan ini


Descripción

&-53"+&/6&70%&-&.1&3"%036/"3&7*4*É/%&-" +63*4136%&/$*"%&-$0/4&+01"3"-"53"/41"3&/$*" 3&41&$50%&-"4&.13&4"41Ì#-*$"4 %JFHP1BSEPXZ3PESJHP7BMMFKP

®&MOJvPFTJOPDFODJBZPMWJEP MBQSJNBWFSBEFVOOVFWPDPNJFO[P  VOKVFHP VOBSPRVFSVFEBGVFSBEFTrNJTNP VOQSJNFSNPWJNJFOUP  VOBTBOUBBºSNBDJwO¯ COFBAOF@EKFBQWP@EB 

**OUSPEVDDJwO &OTVDnMFCSFDVFOUPJOGBOUJM )BOT$ISJTUJBO"OEFSTFOSFMBUBMBIJTUPSJBEF VOHSVQPEFTVQVFTUPTTBTUSFTRVFSFDVSSJFOEPBVOJOHFOJPTPFOHBvPDPO WFODJFSPOBMFNQFSBEPSEFWFTUJSTFDPOVOUSBKFJOWJTJCMF&MFOHBvPDPOTJTUrB FOIBDFSDSFFSBMFNQFSBEPSZTVTGVODJPOBSJPTTVCBMUFSOPTRVFMBUFMBJOWJTJ CMFDPORVFFTUBCBVSEJEPFMUSBKFUFOrBDJFSUBTQSPQJFEBEFTNgHJDBT MBTDVBMFT |OJDBNFOUFQFSNJUrBOBQSFDJBSMBCFMMF[BEFMBUFMBBRVJFOFTUVWJFSBOVONr OJNPEFJOUFMJHFODJB%FFTUFNPEP QFSTVBEJEPTQPSMBDPOHPKBEFTFSDPOTJ EFSBEPTNFOUBMNFOUFJOFQUPT FMFNQFSBEPSZTVTGVODJPOBSJPTTVCBMUFSOPT EFDJEJFSPOBCBOEPOBSFMTFOUJEPDPN|OZTVDVNCJFSPOBMFOHBvP QSPWPDBO EPRVFnTUFEFTºMBSBEFTOVEPGSFOUFBUPEPFMQVFCMP$PNPMPEFNVFTUSBFM QFSTPOBKFEFMOJvPRVF JNCVJEPFOTVJOPDFODJB SFWFMBFMFOHBvPEFMBUFMB JOWJTJCMF MBNPSBMFKBEFMBIJTUPSJBFTTJNQMFBCBOEPOBSFMTFOUJEPDPN|OB QSFUFYUPEFBQBSFOUBSJOUFMJHFODJB QVFEFMMFWBSOPTBDPNFUFSFMNgTBCTVSEP EFMPTSJErDVMPT &MDVFOUPWJFOFBDPMBDJwO QPSMBTTJNJMJUVEFTFYJTUFOUFTFOUSFFMSFGFSJEPSF MBUP JOGBOUJM Z MB EPHNgUJDB QVSJUBOB RVF QBSFDF IBCFS TFDVFTUSBEP FM EFCB UFQ|CMJDPTPCSFMBUSBOTQBSFODJBFOMBTFNQSFTBTQ|CMJDBT3FDVSSJFOEPBM 

%JFHP1BSEPX-PSFO[PFT"CPHBEPEFMB6OJWFSTJEBEEF$IJMFZ1SPGFTPS*OWJUBEPEFM%FQBSUBNFOUP EF%FSFDIP1SJWBEP 6OJWFSTJEBEEF$IJMF3PESJHP7BMMFKP(BSSFUwOFT"CPHBEPEFMB6OJWFSTJEBE EF$IJMFZ"ZVEBOUFEFM%FQBSUBNFOUPEF%FSFDIP1|CMJDP 6OJWFSTJEBEEF$IJMF-PTBVUPSFTBHSB EFDFOBMQSPGFTPS$BSMPT$BSNPOB4BOUBOEFSQPSTVTWBMJPTPTDPNFOUBSJPTZDPOTFKPFTQFDJBMJ[BEP -BTPQJOJPOFTBRVrFYQSFTBEBTTPOEFFYDMVTJWBSFTQPOTBCJMJEBEEFMPTBVUPSFT

 /JFU[TDIF 'SJFESJDI "TrIBCMw;BSBUVTUSB  "MJBO[B&EJUPSJBM

  

7FSQPSFKFNQMP ®&NQSFTBT1|CMJDBTZ5SBOTQBSFODJB¯ FO&M.FSDVSJPEFEFKVOJPEF®'BMMP



FKFSDJDJPSFUwSJDPEFDPOUSBQPOFSUSBOTQBSFODJBZPQBDJEBEFOVOBEJDPUPNrB NPSBM VOJO»VZFOUFTFDUPSEFMBPQJOJwOQ|CMJDBJOUFOUBQFSTVBEJSOPTEFRVF DVBMRVJFSBRVFOPBQSFDJFMBTCPOEBEFTEFWFTUJSBMBTFNQSFTBTQ|CMJDBTDPO VOUSBKFDPNQMFUBNFOUFJOWJTJCMFFTUBSrBUPNBOEPQBSUJEPQPSFMPTDVSBOUJT NPZMBDPSSVQDJwO-BNPSBMFKBOVFWBNFOUFFTTJNQMFBCBOEPOBSFMTFOUJ EPDPN|OBQSFUFYUPEFTFSDBMJºDBEPDPNPQPMrUJDBNFOUFJODPSSFDUPQVFEF DPOEVDJSOPT IBDJB VOB SFHVMBDJwO FYUSFNJTUB Z EFTFRVJMJCSBEB %FTEF FTUB QFSTQFDUJWB OVFTUSPDPNFOUBSJPCVTDBTVQFSBSMBJOOFDFTBSJBEJDPUPNrBNP SBMFOUSFUSBOTQBSFODJBZPQBDJEBE QBSBFWBMVBSMBKVSJTQSVEFODJBEFM$POTFKP QBSBMB5SBOTQBSFODJB FOBEFMBOUFFM$1-5 TPCSFMBTFNQSFTBTQ|CMJDBTFO BUFODJwOBMPTPCKFUJWPTEFQPMrUJDBQ|CMJDBQFSTFHVJEPTQPSMB-FZTPCSF"DDF TPBMB*OGPSNBDJwO1|CMJDB $PNPUPEBSFHVMBDJwO MB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBCVT DBCB BVNFOUBS EF BMHVOB GPSNB FM CJFOFTUBS EF MB TPDJFEBE &O UnSNJOPT HFOFSBMFT MPTEFCFSFTEFQVCMJDJEBEZUSBOTQBSFODJBQVFEFOQFSTFHVJSCF OFºDJPTFYUFSOPTBMBFNQSFTB DPNPTVDFEFDPOMBOPSNBUJWBTPCSFIFDIPT FTFODJBMFTEFMB-FZ/ZTVTFGFDUPTFOFMGVODJPOBNJFOUPHFOFSBMEFM NFSDBEPEFWBMPSFTPCJFOCFOFºDJPTJOUFSOPT DPNPTVDFEFDPOMPTEFCF SFTEFJOGPSNBDJwOIBDJBMPTBDDJPOJTUBTEFMB-FZ/ZTVTFGFDUPT FOFMHPCJFSOPDPSQPSBUJWPEFMBDPNQBvrB1PSVOMBEP NBZPSFTOJWFMFTEF USBOTQBSFODJBQFSNJUFODPSSFHJSMBTBTJNFUSrBTEFJOGPSNBDJwOFOFMNFSDB EPEFWBMPSFTZEJTNJOVJSFMDPTUPBTPDJBEPBMºOBODJBNJFOUPEFQSPZFDUPT FNQSFTBSJBMFT1PSPUSP NBZPSFTOJWFMFTEFUSBOTQBSFODJBUBNCJnODPOUSJ CVZFOBNFKPSBSMBºTDBMJ[BDJwOTPCSFMPTBENJOJTUSBEPSFTEFMBDPNQBvrB ZFWJUBSRVFQVFEBOEFTWJBSMPTSFDVSTPTEFMBFNQSFTBQBSBTBUJTGBDFSTVT JOUFSFTFTQFSTPOBMFT"UFOEJEPRVFMBTFNQSFTBTQ|CMJDBTHFOFSBMNFOUFOP SFDVSSFOBMNFSDBEPEFWBMPSFTFOCVTDBEFºOBODJBNJFOUP MPTEFCFSFTEF QVCMJDJEBEPUSBOTQBSFODJBRVFTFMFTJNQPOFONFEJBOUFMB-FZTPCSF"D EFM$POTFKPEF5SBOTQBSFODJB4PCSF&NQSFTBT1|CMJDBT¯ FO-B5FSDFSBEFEFKVOJPEF®1V CMJDJEBEEFMPTBDUPTFTUBUBMFTWFODJFOEPMBDVMUVSBEFMBPQBDJEBE¯ FO3FWJTUB*EFBT1SPQVFTUBTEF EFNBS[PEFZ ®$POTFKPEFMB5SBOTQBSFODJB$JODP%FTBGrPT¯ FO3FWJTUB5FNBT1|CMJDPTEFEF PDUVCSFEF  1BSEPX %JFHPZ7BMMFKP 3PESJHP ®'JTDBMJ[BDJwOZUSBOTQBSFODJBFOMBTFNQSFTBTEFM&TUBEPž&TNgT TJOwOJNPEFNFKPS ¯ FO3FWJTUBEF%FSFDIP1|CMJDP  

#VTINBO 3PCFSUZ4NJUI "CCJF ®5SBOTQBSFODZ 'JOBODJBM"DDPVOUJOH*OGPSNBUJPO BOE$PSQPSBUF (PWFSOBODF¯ FO'3#/:&DPOPNJD1PMJDZ3FWJFX 

 )FSNBMJO #FOKBNJOZ8FJOTCBDI .JDIBFM 5SBOTQBSFODZBOE$PSQPSBUF(PWFSOBODF /BUJPOBM#V SFBVPG&DPOPNJD3FTFBSDI8PSLJOH1BQFST /  "/6"3*0%&%&3&$)01Ì#-*$06%1



DFTPBMB*OGPSNBDJwO1|CMJDBEFCFOFOUFOEFSTFQSJODJQBMNFOUFDPNPVO NFDBOJTNPQBSBNFKPSBSTVTFTUgOEBSFTEFHPCJFSOPDPSQPSBUJWP 5BNCJnO DPNPUPEBSFHVMBDJwO MB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB QSPEVDFOFDFTBSJBNFOUFEBvPTDPMBUFSBMFT&OQBSUJDVMBS BVNFOUBSMPTOJWF MFTEFUSBOTQBSFODJBFOVOBFNQSFTBUrQJDBNFOUFHFOFSBEPTUJQPTDPTUPTFO QSJNFSMVHBS MPTDPTUPTEJSFDUPTBTPDJBEPTBMPTSFDVSTPTIVNBOPTZNBUFSJB MFTEFTUJOBEPTBQSPEVDJSMBJOGPSNBDJwORVFEFCFEJWVMHBSTFZ FOTFHVOEP MVHBS MPTDPTUPTJOEJSFDUPTEFSJWBEPTEFQPOFSJOGPSNBDJwOFTUSBUnHJDBBMBM DBODFEFQPUFODJBMFTDPNQFUJEPSFTZGVUVSBTDPOUSBQBSUFT"EJGFSFODJBEFMP RVFTVDFEFDPOPUSPTwSHBOPTEFM&TUBEP MB$POTUJUVDJwO1PMrUJDBFYJHFRVF MBTFNQSFTBTQ|CMJDBTUFOHBOVOSnHJNFOKVSrEJDPBOgMPHPBMRVFSJHFBMBT FNQSFTBTQSJWBEBTDPOMBTRVFDPNQJUFO1PSFTUBSB[wO VOBSFWJTJwOEFTV IJTUPSJB ºEFEJHOB SFWFMB RVF MB ºOBMJEBE EF FYUFOEFS MB -FZ TPCSF "DDFTP B MB*OGPSNBDJwO1|CMJDBBMBTFNQSFTBTQ|CMJDBTDPOTJTUJwFOIPNPMPHBSMPT FTUgOEBSFTEFUSBOTQBSFODJBBRVFFTUgOTVKFUBTMBTFNQSFTBTQ|CMJDBTDPOMPT EFCFSFTEFJOGPSNBDJwOEFMBTTPDJFEBEFTBOwOJNBTRVFTFUSBOTBOFOCPMTB &OPUSPTUnSNJOPT FMPCKFUJWPEFQPMrUJDBQ|CMJDBQFSTFHVJEPQPSFMMFHJTMBEPS 

&MQSPDFTPEFBENJTJwOEF$IJMFBMB0$%&HBUJMMwVODPOKVOUPEFSFGPSNBTBMHPCJFSOPDPSQPSBUJWP EF MBT FNQSFTBT Q|CMJDBT FO EPT gNCJUPT EJGFSFOUFT 1PS VO MBEP  FYJTUFO SFGPSNBT PSHgOJDBT RVF FTUBCMFDFOVOOVFWPEJTFvPJOTUJUVDJPOBMQBSBFM4JTUFNBEF&NQSFTBT1|CMJDBTEF$03'0 BTrDPNP OVFWPTNFDBOJTNPTEFTFMFDDJwOQBSBTVTEJSFDUPSFTZHFSFOUFT1PSPUSPMBEP TFJODMVZFOSFGPSNBT GVODJPOBMFTRVFCVTDBOBEBQUBSBMDPOUFYUPEFMBTFNQSFTBTQ|CMJDBTMPTQSPDFEJNJFOUPTDPORVFMBT TPDJFEBEFTBOwOJNBTBCJFSUBTDPOUSPMBOMBHFTUJwOEFMBFNQSFTB BVEJUBOMPTSFHJTUSPTDPOUBCMFTQPS UFSDFSPTJOEFQFOEJFOUFTZFOGSFOUBOMPTDPO»JDUPTEFJOUFSFTFTEFEJSFDUPSFTPHFSFOUFT4FH|OTF WFSg MBIJTUPSJBEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBGVFDPODFCJEBDPNPVOBSFGPSNBEFM TFHVOEPUJQP

 "VORVFOPTFSFºFSFEJSFDUBNFOUFBMBTJUVBDJwOEFMBTFNQSFTBTQ|CMJDBT MPTDBNCJPTFOMBSFHV MBDJwOOPSUFBNFSJDBOBTPCSFNFSDBEPEFWBMPSFTEFTQVnTEFMEFOPNJOBEP$BTP&OSPOIBOHFOFSBEP BCVOEBOUFMJUFSBUVSBFTQFDJBMJ[BEBBDFSDBEFMPTDPTUPTEJSFDUPTEFMBUSBOTQBSFODJB6OFTUVEJPBD UVBMJ[BEPFO-FV[ $ISJTUJBOZ8JTPLJ 1FUFS ®&DPOPNJD$POTFRVFODFTPG'JOBODJBM3FQPSUJOHBOE %JTDMPTVSF 3FHVMBUJPO 8IBU XF IBWF MFBSOFE ¯   %JTQPOJCMF FO XXXJOUBDDUSFTFBSDIPSH ºMFTJOUBDDUQEG1BSBVOBJOUSPEVDDJwOBMPTDPTUPTJOEJSFDUPTRVFHFOFSBMBUSBOTQBSFODJB  )BZFT 3BDIFMZ-VOEIPMN 3VTTFM ®4FHNFOU3FQPSUJOHUPUIF$BQJUBM.BSLFUJOUIF1SFTFODFPGB $PNQFUJUPS¯ FO+PVSOBMPG"DDPVOUJOH3FTFBSDI Z 8BHFOIPGFS "MGSFE ®7PMVOUBSZ%JT DMPTVSFXJUIB4USBUFHJD0QQPOFOU¯ FO+PVSOBMPG"DDPVOUJOHBOE&DPOPNJDT   7BMMFKP 3PESJHPZ1BSEPX %JFHP ®%FSSJCBOEP.JUPT4PCSF&M&TUBEP&NQSFTBSJP¯ FO3FWJTUB$IJMFOB EF%FSFDIP 7PM   &OFTUFTFOUJEP FMFOUPODFT.JOJTUSP7JFSB(BMMPTFvBMBCBEVSBOUFMBUSBNJUBDJwOEFMQSPZFDUPRVF ®FODVBOUPBMBTFNQSFTBTQ|CMJDBT FTNVZJNQPSUBOUFMPEJTQVFTUPFOFMBSUrDVMPEnDJNPUSBOTJUPSJP SFT QFDUPBMDVBM EFTQVnTEFVOBMBSHBEJTDVTJwO IVCPDPJODJEFODJBFORVFMBTEJTQPTJDJPOFTDPOTBHSBEBTFO FMQSPZFDUPTPOTJNJMBSFTBMBTRVFIPZSJHFOFOMBTFNQSFTBTQSJWBEBTSFTQFDUPBMBJOGPSNBDJwORVFEFCFO QSPQPSDJPOBSBMBT4VQFSJOUFOEFODJBTSFTQFDUJWBT&TEFDJS FONBUFSJBEFUSBOTQBSFODJB 5FMFWJTJwO/BDJP OBMEF$IJMFOPUFOESgOJOHVOBPCMJHBDJwOBEJDJPOBMBMBTRVFJNQFSBOFO$IJMFWJTJwOP.FHBWJTJwO DPO MBTDVBMFTDPNQJUF QFSPUBNQPDPOJOHVOBNFOPT¯ FO4FTJwO/EFM4FOBEP EFFOFSPEF



DPOTJTUJwFOPCUFOFSMPTCFOFºDJPTEFNFKPSBSFMHPCJFSOPDPSQPSBUJWPEFMBT FNQSFTBT Q|CMJDBT  JNQPOJnOEPMFT DPTUPT TJNJMBSFT B MPT RVF TPQPSUBO TVT DPNQFUJEPSFTQSJWBEPT 4JOFNCBSHP VOBSFWJTJwOEFMBKVSJTQSVEFODJBEFM$1-5EVSBOUFTVQSJNFS BvPEFGVODJPOBNJFOUPSFWFMBVOBQSFPDVQBOUFJOUFODJwOEFTPTMBZBSFMPCKF UJWPEFQPMrUJDBQ|CMJDBQFSTFHVJEPQPSFMMFHJTMBEPSZSFFNQMB[BSMPQPSDJFSUBT DPOWJDDJPOFTQFSTPOBMFTBDFSDBEFMBTWJSUVEFTJOWJTJCMFTEFMBUSBOTQBSFODJB 1BSBFGFDUPTEFFTUFBOgMJTJT MBKVSJTQSVEFODJBEFM$1-5TPCSFFNQSFTBTQ| CMJDBTQVFEFBHSVQBSTFTJHVJFOEPMBEJWJTJwOUFNgUJDBEFMB-FZTPCSF"DDFTP BMB*OGPSNBDJwO1|CMJDBFOUSFEFCFSFTEFUSBOTQBSFODJBQBTJWBZBDUJWB.JFO USBT FOFMQSJNFSHSVQP MBTDPOUSPWFSTJBTTFIBODFOUSBEPFOFMgNCJUPEF DPNQFUFODJBRVFUFOESrBFM$1-5QBSBDPOPDFSEFMBOFHBUJWBEFMBTFNQSFTBT Q|CMJDBTBFOUSFHBSJOGPSNBDJwOSFRVFSJEBQPSQBSUJDVMBSFT FMTFHVOEPHSVQP TF SFºFSF B MBT DPOUSPWFSTJBT SFTQFDUP EFM OJWFM EF QVCMJDJEBE FYJHJCMF B MBT FNQSFTBTQ|CMJDBTSFTQFDUPEFMBSFNVOFSBDJwOEFTVTEJSFDUPSFTZHFSFOUFT &MPCKFUJWPEFOVFTUSPDPNFOUBSJPFTVUJMJ[BSBNCPTHSVQPTEFDPOUSPWFSTJBT QBSBFWBMVBSDSrUJDBNFOUFFMEFTFNQFvPEFM$1-5DPNPwSHBOPFODBSHBEPEF QPOEFSBSMBOFDFTJEBEEFUSBOTQBSFODJBDPOFMSFGFSJEPQSJODJQJPEFJHVBMEBE EFSnHJNFOKVSrEJDPFOUSFMBTFNQSFTBTQ|CMJDBTZQSJWBEBT1BSBFMMP QSJNFSP TF SFWJTBSgO MPT QSJODJQBMFT IJUPT EF MB EFDJTJwO EF TPNFUFS B MBT FNQSFTBT Q|CMJDBT BM SnHJNFO EF MB -FZ TPCSF "DDFTP B MB *OGPSNBDJwO 1|CMJDB  QBSB QPTUFSJPSNFOUFBCPSEBSFODBQrUVMPTTFQBSBEPTDBEBVOPEFMMPTNFODJPOBEPT HSVQPTEFDPOUSPWFSTJBT

**&MFTUBUVUPEFBDDFTPBMBJOGPSNBDJwOQBSBMBTFNQSFTBTQ|CMJDBT $PNPFTTBCJEP MB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBOPFTMBQSJNF SBSFHVMBDJwOTPCSFMBNBUFSJBFOOVFTUSPPSEFOBNJFOUPZTVPCKFUJWPQSJODJ QBM FSB TJNQMFNFOUF FTUBCMFDFS QSPDFEJNJFOUPT BEFDVBEPT QBSB EFTBSSPMMBS FMQSJODJQJPEFQVCMJDJEBEEFMBGVODJwOQ|CMJDB JODPSQPSBEPFOFMBSUrDVMP EFOVFTUSB$POTUJUVDJwO1PMrUJDBEVSBOUFMBSFGPSNBEFMBvP%FFTUF  1BSBVOBOgMJTJTEFMQSPDFTPEFSFGPSNBDPOTUJUVDJPOBM 'FSOgOEF[ .JHVFMÃOHFM ®&MQSJODJQJPEF QVCMJDJEBEEFMPTBDUPTFTUBUBMFTFOFMOVFWPBSUrDVMPJODJTPTFHVOEPEFMB$POTUJUVDJwO1PMrUJDB¯  FO3FGPSNB$POTUJUVDJPOBM -FYJT/FYJT  $POUPEP FTQFSBNPTEFNPTUSBSBMPMBSHP EFFTUFUSBCBKPRVFMPTFGFDUPTOPSNBUJWPTBUSJCVJEPTQPSFMBVUPSBMBEJTQPTJDJwODPOTUJUVDJPOBMFO DPNFOUP SFTVMUBOGSBODBNFOUFJOTwMJUPTUFOJFOEPFODVFOUBFMFTQrSJUVZUFOPSMJUFSBMEFMB-FZTPCSF "DDFTPBMB*OGPSNBDJwO1|CMJDB

"/6"3*0%&%&3&$)01Ì#-*$06%1



NPEP DPOMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBTFEBCBQPSUFSNJ OBEPVOMBSHPQSPDFTPEFSFGPSNBTEFTUJOBEPBDPSSFHJSMBTNBMBTQSgDUJDBT BENJOJTUSBUJWBTRVFIBDrBOJMVTPSJBTMBTSFHMBTEFUSBOTQBSFODJBFTUBCMFDJEBT PSJHJOBMNFOUFFOMPTBSUrDVMPTZEFMB-FZEF#BTFT(FOFSBMFTEFMB"ENJ OJTUSBDJwOEFM&TUBEP$BCFEFTUBDBSRVFFTUBTNBMBTQSgDUJDBTOPTPMBNFOUF IBCrBOTJEPTBODJPOBEBTFOJOTUBODJBTKVEJDJBMFTZBENJOJTUSBUJWBT TJOPRVF UBNCJnOGVFSPOMBDBVTBEFFNCMFNgUJDBTDPOEFOBTQPSUSJCVOBMFTJOUFSOBDJP OBMFTFODPOUSBEFM&TUBEPEF$IJMF "OUFTEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB OPFYJTUrBDFSUF[BBDFS DBEFTJMBTFNQSFTBTQ|CMJDBTTFFODPOUSBCBOFGFDUJWBNFOUFTPNFUJEBTBMBT SFHMBTEFUSBOTQBSFODJBFTUBCMFDJEBTFOMB-FZEF#BTFT(FOFSBMFTEFMB"ENJ OJTUSBDJwOEFM&TUBEP%FIFDIP MBQSJNFSBWF[RVFFM$POHSFTP/BDJPOBM EJTDVUJwFTQFDrºDBNFOUFTPCSFMBDPOWFOJFODJBEFBQMJDBSMBTSFHMBTHFOFSBMFT EFUSBOTQBSFODJBBMBTFNQSFTBTQ|CMJDBTGVFQSFDJTBNFOUFFOFMDPOUFYUPEF MB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB/PEFCFFYUSBvBSRVFFTUFJN QVMTPFOMBBHFOEBMFHJTMBUJWBIBZBWFOJEPEFUFSNJOBEPQPSMPTQVCMJDJUBEPT DBTPTSFMBUJWPTBMBOFHBUJWBEF57/ $0%&-$0Z#BODP&TUBEPQBSBDVNQMJS DPO VO DPOKVOUP EF TPMJDJUVEFT EF JOGPSNBDJwO QPS QBSUF EF NJFNCSPT EFM $POHSFTP BNQBSBEBTFOFMTVQVFTUP FKFSDJDJP EF MB ºTDBMJ[BDJwO QBSMBNFO UBSJB-BGSVTUSBDJwORVFHFOFSwMBBDUJUVEEFMBTFNQSFTBTQ|CMJDBT TVNBEB BMPTFTDgOEBMPTQPSNBMWFSTBDJwOEFGPOEPTFOBMHVOBTEFFMMBT UFSNJOBSPO QPSQFSTVBEJSBOVFTUSPTQBSMBNFOUBSJPTEFRVFMBTSFHMBTTPCSFUSBOTQBSFODJB DPOTUJUVrBOVONFDBOJTNPBQSPQJBEPQBSBDPSSFHJSMPTQSPCMFNBTEFHFTUJwO

 1BSBVOBFYQPTJDJwOBDFSDBEFMDPOUFYUPQPMrUJDPEFFTUFQSPDFTP $PSEFSP -VJT 

®7JEB PCSB Z NVFSUF EFM BDDFTP B MB JOGPSNBDJwO BENJOJTUSBUJWB P DwNP JNQMFNFOUBS JOBEFDVBEBNFOUF VOB SFHVMBDJwOMFHBM¯ FO(BDFUB+VSrEJDB  $PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT DBTP$MBVEF3FZFTZPUSPTWT$IJMF EFTFQUJFNCSFEF 6OBOgMJTJTEFTVDPOUFYUPFJNQMJDBODJBTFO .VvP[ "MFY ®$IJMFZFM"DDFTPBMB*OGPSNBDJwO 1|CMJDB¯ FO"OVBSJPEF%FSFDIPT)VNBOPT  $FOUSPEF%FSFDIPT)VNBOPTEFMB'BDVMUBEEF %FSFDIPEFMB6OJWFSTJEBEEF$IJMF 1BSBVOBSFWJTJwOEFMBKVSJTQSVEFODJBKVEJDJBM $POUFT TF  +PSHF  ®-B PQBDJEBE EFM MFHJTMBEPS Z MB JOEVMHFODJB KVEJDJBM¯  FO -JCFSUBE EF &YQSFTJwO FO $IJMF  6OJWFSTJEBE%JFHP1PSUBMFT  $POSFMBDJwOBMPTQSPOVODJBNJFOUPTBENJOJTUSBUJWPT  QVFEFODPOTVMUBSTFMPTEJDUgNFOFTEFMB$POUSBMPSrB(FOFSBMEFMB3FQ|CMJDB $(3 /       Z  "VORVFFOTV%JDUBNFO/MB$(3IBCrBSFTVFMUPRVF$0%&-$0EFCrBTVKFUBSTFBMFTUF FTUBUVUPDPN|OBQMJDBCMFBMPTwSHBOPTEFMBBENJOJTUSBDJwOEFM&TUBEP MBTQSPQJBTMFZFTPSHgOJDBTEF $0%&-$0ZEFMBNBZPSrBEFMBTFNQSFTBTQ|CMJDBTFYJNFOBFTUFUJQPEFPSHBOJTNPTEFMBTSFHMBT HFOFSBMFTEFMTFDUPSQ|CMJDP WFS1BSEPXZ7BMMFKP PQDJU OPUB   7FS #PMFUrO/



Z EF DPO»JDUPT EF JOUFSFTFT FO MBT FNQSFTBT Q|CMJDBT &TUB DPOWJDDJwO TF BTFOUw JOJDJBMNFOUF FOUSF MB NBZPSrB EF MPT QBSMBNFOUBSJPT  NBSDBOEP VOB GVFSUFUFOTJwOFOUSFFM(PCJFSOPZFM$POHSFTPEVSBOUFFMEFCBUFMFHJTMBUJWP 0SJHJOBMNFOUF FMQSPZFDUPEFMFZOPDPOUFNQMBCBNFODJwOBMHVOBBMBT FNQSFTBT Q|CMJDBT 4JO FNCBSHP  FM QVOUP GVF JODPSQPSBEP UFNQSBOB NFOUFBMBEJTDVTJwOQPSFM4FOBEPS-BSSBrONFEJBOUFMBQSFTFOUBDJwO EF JOEJDBDJPOFT RVF CVTDBCBO FYQMrDJUBNFOUF TVKFUBS B MBT FNQSFTBT Q|CMJDBTBDJFSUBTSFHMBTFTQFDJBMFTEFUSBOTQBSFODJBBDUJWBZBMEFCFSEF EJWVMHBSMBTBDUBTEFTVTSFTQFDUJWPTEJSFDUPSJPT $POUPEP TPMBNFOUF MBQSJNFSBEFFTUBTNFEJEBTGVFBQSPCBEBDPODJFSUBTNPEJGJDBDJPOFT -B TFHVOEB GVF SFDIB[BEB FO MB TBMB EFM 4FOBEP EFCJEP B RVF JNQMJ DBCB TVKFUBS B MBT FNQSFTBT Q|CMJDBT B FTUgOEBSFT EF QVCMJDJEBE NgT FYJHFOUFT RVF MPT BQMJDBCMFT B MBT FNQSFTBT QSJWBEBT  MP RVF B TV WF[ UFSNJOBCB BGFDUBOEP TV DBQBDJEBE DPNQFUJUJWB  -B SFMFWBODJB EF FTUB QSJNFSBEFDJTJwOMFHJTMBUJWB RVFTFJSgBTFOUBOEPBMPMBSHPEFMEFCBUF  FT RVF QFSNJUF DPNQSFOEFS RVF FM DSJUFSJP QBSB PSJFOUBS MB BQMJDBDJwO EFMBTSFHMBTEFUSBOTQBSFODJBBMBTFNQSFTBTQ|CMJDBTFSBTJNQMFNFOUF IPNPMPHBSMPTFTUgOEBSFTRVFSJHFOBMBTFNQSFTBTQSJWBEBT   3FTVMUBJMVTUSBUJWBMBJOUFSWFODJwOEFM4FOBEPS-FBMEVSBOUFMBEJTDVTJwOEFMQSPZFDUP RVJnOTFvBMB CBRVFJODPSQPSBS®B$0%&-$0 B5FMFWJTJwO/BDJPOBMZBM#BODPEFM&TUBEP IBSgRVFEFTBQBSF[DBMB TPNCSBRVFFYJTUrBIBTUBBIPSB QPSRVFBMHVOBTFNQSFTBTBEVDFORVF OPPCTUBOUFTFSQ|CMJDBT OPTPOEFM &TUBEPZRVF QPSMPUBOUP OPTFSJHFOQPSMBTOPSNBTTPCSFºTDBMJ[BDJwOEFMB$gNBSBEF%JQVUBEPT¯ FO  4FTJwO/EFMB$gNBSBEF%JQVUBEPT EFKVOJPEF  7FS JOEJDBDJPOFT/ ZQSFTFOUBEBTFMEFKVMJPEF  &OFTUFTFOUJEP FM4FOBEPS7gTRVF[DPOTJHOBCBFOBDUBTRVF®TJPCMJHBNPTBMBTFNQSFTBTQ|CMJDBTB JOGPSNBSTVTBDVFSEPT MBTWBNPTBEFKBSDPNPBEWJSUJwFM4FOBEPSTFvPS7JFSB(BMMPFOTJUVBDJwOEFTNF ESBEB ¥ TPZQBSUJEBSJPEFRVFMBOPSNBFTUBCMF[DB BMPTVNP MBNJTNBSFHMBNFOUBDJwOFYJTUFOUFQBSB MBTFNQSFTBTQSJWBEBTRVFZBMBUJFOFO QPSMPEFNgT CBKPFMDPOUSPMEFMB4VQFSJOUFOEFODJBEF7BMPSFTZ 4FHVSPTZNFEJBOUFMBPCMJHBDJwOEFJOGPSNBSEFMPTIFDIPTFTFODJBMFTZEFMPTIFDIPTSFTFSWBEPTRVFQVFEBO BGFDUBSBMNFSDBEP1FSPOPNgTRVFFTP¯"TrUBNCJnO FM4FOBEPS0SQJTEBDVFOUBEFMDPOTFOTPQPMr UJDPBMDBO[BEPBQVOUBOEPRVF®TFFTUgIBDJFOEPFMFTGVFS[PEFJOUSPEVDJSDBNCJPTEFFOWFSHBEVSBFOMPT HPCJFSOPTDPSQPSBUJWPTEFMBTFNQSFTBTQ|CMJDBT MPTDVBMFTWBONVDIPNgTBMMgEFMBOPSNBFTUBCMFDJEBFO FTUFBSUrDVMP RVFQSPDVSBBTJNJMBSMBTBMBTOPSNBTEFMB-FZEF7BMPSFTZEFMB-FZEF4PDJFEBEFT"OwOJNBT FODVBOUPBMBDDFTPBMBJOGPSNBDJwO BMBUSBOTQBSFODJB BMBJOGPSNBDJwOQSJWJMFHJBEB BMPTBDUPTFOUSF QFSTPOBTSFMBDJPOBEBT&TEFDJS FTUBNPTBOUFVOBQSPQPTJDJwOEFCBTUBOUFUSBTDFOEFODJB"MNFOPTEFTEF NJQVOUPEFWJTUB MBPCKFDJwOBQVOUBBRVFFOFTUBOPSNBFTUBNPTTJFOEPNgTFYJHFOUFTRVFMBQSPQJB-FZ EF4PDJFEBEFT"OwOJNBT1PSMPUBOUP TJOQFSKVJDJPEFBQVOUBSIBDJBVOBNBZPSUSBOTQBSFODJBFJOGPS NBDJwO DSFPRVFFOFTUBNBUFSJBMPDPSSFDUPTFSrBBTJNJMBSMBTJUVBDJwOEFMBTFNQSFTBTQ|CMJDBTBMBEF MBTTPDJFEBEFTBOwOJNBTBCJFSUBT¯ FO4FTJwO/EFM4FOBEP EFPDUVCSFEFZ4FTJwO/EFM 4FOBEP EFPDUVCSFEF  &OQBMBCSBTEFMB4FOBEPSB.BUUIFJBOBMJ[BOEPMBSFGFSJEBJOEJDBDJwO®&TUBOEPBCTPMVUBNFOUFBGBWPS EFBWBO[BSIBDJBVOBNBZPSUSBOTQBSFODJBFOFMUSBCBKPEFMBTFNQSFTBTQ|CMJDBT BOVODJPRVFWPUBSnFO DPOUSBEFMBSUrDVMP1PSRVF QVCMJDBSMBTBDUBTEFMPTEJSFDUPSJPTEFMBTFNQSFTBTBMPTDJODPErBTEFIBCFSTF SFBMJ[BEPVOBTFTJwO NFQBSFDFSFBMNFOUFBMHPDPNQMJDBEP)BZVOBTFSJFEFQSPCMFNBTRVF BVORVFOP

"/6"3*0%&%&3&$)01Ì#-*$06%1



$PNPDPOTFDVFODJBEFMBDPOEFOBBM&TUBEPEF$IJMFFOMB$PSUF*OUFSBNF SJDBOB EF %FSFDIP )VNBOPT  FM QSPZFDUP EF MFZ RVF TF IBCrB PSJHJOBEP FO VOBNPDJwOEFMPT4FOBEPSFT(B[NVSJZ-BSSBrOPCUVWPFMQBUSPDJOJPEFM(P CJFSOP NFEJBOUF VOB JOEJDBDJwO TVTUJUVUJWB RVF EFKBCB FYQMrDJUBNFOUF B MBT FNQSFTBT Q|CMJDBT GVFSB EF TV gNCJUP EF BQMJDBDJwO -PT GVOEBNFOUPT EFM (PCJFSOPQBSBKVTUJºDBSFTUBEFDJTJwOGVFSPORVF QFTFBFTUBSSFHJEBTQPSFM QSJODJQJPEFQVCMJDJEBEEFMBSUrDVMPEFMB$POTUJUVDJwO1PMrUJDB TVBSUrDVMP /FYJHrBUBNCJnOSFTQFUBSVOQSJODJQJPEFJHVBMEBEEFSnHJNFOKVSrEJDP "TVUVSOP FMMPJNQFErBBQMJDBSBMBTFNQSFTBTQ|CMJDBTMPTEFCFSFTHFOFSBMFT EF USBOTQBSFODJB FTUBCMFDJEPT QBSB MPT EFNgT wSHBOPT EF MB BENJOJTUSBDJwO EFM&TUBEPZSFTVMUBCBQSFGFSJCMFEJGFSJSFTBEJTDVTJwOQBSBVOBJOTUBODJBUnD OJDBNFOUF NgT BQSPQJBEB  DPNP MP FSB FM QSPZFDUP EF MFZ TPCSF HPCJFSOPT DPSQPSBUJWPTEFMBTFNQSFTBTQ|CMJDBTRVFZBJODPSQPSBCBEFCFSFTFTQFDJBMFT EFQVCMJDJEBEBEBQUBOEPMBSFHVMBDJwOFYJTUFOUFQBSBMBTTPDJFEBEFTBOwOJNBT BCJFSUBT 4JCJFOMBQPTJDJwOEFM(PCJFSOPQSPQJDJwDJFSUPBQPZPQBSMBNFOUBSJP MBNBZP SrBEFOVFTUSPTMFHJTMBEPSFTDPOTJEFSBCBORVFMBBDUJUVEEFMBTFNQSFTBTQ| CMJDBTGSFOUFBTVTTPMJDJUVEFTEFJOGPSNBDJwODPOTUJUVrBVOWFSEBEFSPEFTBDB UPZEFDJEJFSPOUPNBSSFWBODIBJOTJTUJFOEPJOJDJBMNFOUFFOJODPSQPSBSMBTBM FTUBUVUPHFOFSBMEF-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB'SFOUFBFMMP  FM(PCJFSOPBSHVNFOUwQFSTJTUFOUFNFOUFRVFFTUFQSPZFDUPCVTDBCBSFHVMBS VOgNCJUPEJWFSTPEFMSnHJNFOEFºTDBMJ[BDJwOQBSMBNFOUBSJBZRVF FODPOTF DVFODJB TVTQPTJCMFTEFºDJFODJBTEFCrBOTFSBCPSEBEBTFOMBEJTDVTJwOEFMBT

BGFDUBOMBQPMrUJDBDPNFSDJBM FMTFDSFUPEFPUSBTQFSTPOBT WBONBSDBOEPQBVUBTZSVNCPT&M#BODP&TUBEP  QPSFKFNQMP DPNQJUFDPOPUSPT RVFTPOQSJWBEPT5FMFWJTJwO/BDJPOBMDPNQJUFDPODBOBMFTRVFTPOVOJWFSTJ UBSJPTPQSJWBEPT1PSMPUBOUP OPNFQBSFDFBEFDVBEPQFEJSBFTUBTFNQSFTBTQ|CMJDBTBMHPRVFMBTQSJWBEBT RVF DPNQJUFO DPO FMMBT OP SFBMJ[BO &M BSUrDVMP FO EFCBUF FYBHFSB FO TV C|TRVFEB EF MB USBOTQBSFODJB  DBVTBOEP FONJDPODFQUP VOQFSKVJDJPBUBMFTFNQSFTBT¯ FO4FTJwO/EFM4FOBEP EFPDUVCSFEF   4FTJwO/EFMB$gNBSBEF%JQVUBEPT EFNBZPEF  $PNPMPDPOTJHOBMBDVFOUBEFMBEJTDVTJwOQBSMBNFOUBSJB MBOFHBUJWBEFMBTFNQSFTBTQ|CMJDBTB SFTQPOEFSMBTTPMJDJUVEFTEFJOGPSNBDJwOGVFVOFMFNFOUPDMBWFFOMBDPOWJDDJwOEFM$POHSFTP®&M %JQVUBEPTFvPS-FBMEFTUBDwMBDMBSJEBEEFMBBSHVNFOUBDJwOFOUSFHBEB QFSPSFDPSEwRVFMBTFNQSFTBTEFM &TUBEPTFFTDVEBCBOFOMBJOFYJTUFODJBEFOPSNBTRVFMFTPCMJHBSBOBFOUSFHBSJOGPSNBDJwO BDPOTFDVFO DJBTEFMPDVBM QPSDJUBSVOFKFNQMP MB$gNBSBEF%JQVUBEPTUBSEwTFJTBvPTFOIBDFSTFEFMBJOGPSNBDJwO SFMBDJPOBEBDPOMBSFNVOFSBDJwOEFMPTFKFDVUJWPTEFMB$PSQPSBDJwO/BDJPOBMEFM$PCSF ¥ &M%JQVUBEP TFvPS$BSEFNJMBEWJSUJwRVFEFBDPHFSTFMBQSPQPTJDJwOEFM&KFDVUJWP 'FSSPDBSSJMFTEFM&TUBEP 5FMFWJTJwO /BDJPOBM #BODP&TUBEPZMB$PSQPSBDJwO/BDJPOBMEFM$PCSFOPQPESrBOTFSºTDBMJ[BEBT QPSDVBOUPTF USBUBEFFOUJEBEFTRVFEFBDVFSEPBTVTSFTQFDUJWBTMFZFTPSHgOJDBTOPFTUgOBGFDUBTBMBTOPSNBTHFOFSBMFT RVFSJHFOBMTFDUPSQ|CMJDP TBMWPRVFTFMBTNFODJPOFFYQSFTBNFOUF¯ ÆCJE



SFGPSNBTBMBMFZPSHgOJDBEFM$POHSFTP/BDJPOBM'JOBMNFOUF FTUBUFOTJwO EFSJWwFOVOBTPMVDJwOEFDPOTFOTPRVFQFSNJUJwTFHVJSBEFMBOUFDPOFMQSP ZFDUPEFMFZVOBJOEJDBDJwOQBSBJODPSQPSBSBMBTFNQSFTBTQ|CMJDBTEFOUSPEF MB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB QFSPCBKPVOSnHJNFOFTQFDJBM RVFDPNQSFOErBFYDMVTJWBNFOUFDJFSUPTEFCFSFTFTQFDrºDPTEFUSBOTQBSFODJB BDUJWBZPCMJHBDJPOFTBEJDJPOBMFTEFFOUSFHBSJOGPSNBDJwOBMB4VQFSJOUFOEFO DJBSFTQFDUJWB&OEFºOJUJWB FTUBJOEJDBDJwOGVFBQSPCBEBQPSVOBOJNJEBE FOMBTDPNJTJPOFTSFTQFDUJWBTZQPTUFSJPSNFOUFSBUJºDBEBQPSMBTBMB $PNPTFBQSFDJB MBIJTUPSJBEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB EFNVFTUSBGFIBDJFOUFNFOUFRVFMBJOUFODJwOEFMMFHJTMBEPSFSBTPNFUFSBMBT FNQSFTBTQ|CMJDBTBVOSnHJNFOFTQFDJBMRVFQPOEFSBTFMPTQSJODJQJPTDPOT UJUVDJPOBMFTEFUSBOTQBSFODJBEFMBGVODJwOQ|CMJDBZEFJHVBMEBEEFSnHJNFO KVSrEJDPDPOMBFNQSFTBQSJWBEB%FFTUFNPEP BVORVFDJFSUBDPSSJFOUFEF PQJOJwOJOTJTUBFOMBTWJSUVEFTJOWJTJCMFTEFTPNFUFSBMBTFNQSFTBTQ|CMJDBT BMFTUBUVUPDPN|OEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB MPDJFSUP FT RVF FM $POHSFTP SFDIB[w FYQSFTBNFOUF FTUB BMUFSOBUJWB FO VOB EFDJTJwO TPCFSBOBEFQPMrUJDBQ|CMJDB-BNFOUBCMFNFOUF TFH|OTFWFSg MBEPHNgUJDB QVSJUBOBEFMBUSBOTQBSFODJBEFKwEFTFSVOBNJOPSrBQPMrUJDBRVFTFPQPOrBB MBTPMVDJwOEFDPOTFOTPFOFM$POHSFTPQBSBJODSVTUBSTFDPNPWPUPTEFNJOP SrBFOFM$1-5ZQSFWFODJPOFTFOMB$PSUFEF"QFMBDJPOFTEF4BOUJBHP1PSFTUB SB[wO  FTQFSBNPT RVF MBT TJHVJFOUFT TFDDJPOFT EF FTUF USBCBKP DPOUSJCVZBO B RVF FTBT JEFBT RVF GVFSPO JODBQBDFT EF QFSTVBEJS B MB NBZPSrB QPS MB WrB EFNPDSgUJDB OPUFSNJOFOJNQPOJnOEPTFCBKPFMBMFSPEFMBMJCFSUBEJOUFSQSF UBUJWBRVFDBSBDUFSJ[BBMPTQSJODJQJPTDPOTUJUVDJPOBMFT  ®-PTSFQSFTFOUBOUFTEFM&KFDVUJWPFTUJNBSPORVFMBTEJTDSFQBODJBTEFDrBOSFMBDJwONgTCJFODPOBTQFDUPTSFMB DJPOBEPTDPOMBUnDOJDBMFHJTMBUJWBZMBPQPSUVOJEBEEFMBMFHJTMBDJwORVFTFQSPQPOF QPSDVBOUPUPEPTTPOQBS UJEBSJPTEFUSBOTQBSFOUBSMBJOGPSNBDJwO1SFDJTBSPORVFTFUSBUBCBEFVOQSPZFDUPRVFOPFSBEFºTDBMJ[BDJwO TJOPRVFTwMPCVTDBCB FOUnSNJOPTHFOFSBMFT USBOTQBSFOUBSFMBDDFTPBMBJOGPSNBDJwOQ|CMJDBQBSBFMDPN|O EFMPTDJVEBEBOPT-BTDVFTUJPOFTSFMBDJPOBEBTDPOMBºTDBMJ[BDJwOQBSMBNFOUBSJBBMBTFNQSFTBTEFM&TUBEP EFCFSrBOUSBUBSTFFOMBSFTQFDUJWBMFZPSHgOJDB1PSPUSBQBSUF FMIFDIPEFRVFOPºHVSBSBOFOFTUBOPSNBUJWB MBTFNQSFTBTEFM&TUBEP OPJNQMJDBCBVOBBCTPMVUBDBSFODJBEFDPOUSPMQPSDVBOUPUPEBTFMMBTFTUgOTVKFUBTB MBSFTQFDUJWB4VQFSJOUFOEFODJBPBMB$POUSBMPSrB(FOFSBMEFMB3FQ|CMJDB¯ ÆCJE  4FTJwO/EFMB$gNBSBEF%JQVUBEPT EFNBZPEF  $PNPMPFYQVTPFMFOUPODFT.JOJTUSP7JFSB(BMMP®FMQSJODJQJPRVFTFFTUBCMFDJwFTMBUPUBMFRVJWBMFODJBP TJNFUSrBFOUSFMBFNQSFTBQ|CMJDBZMBQSJWBEB TJHVJFOEPMBOPSNBDPOTUJUVDJPOBMTPCSFFM&TUBEPFNQSFTBSJP  RVFFTUBCMFDFRVFMBTFNQSFTBTQ|CMJDBTTFSFHJSgOFOTVGVODJPOBNJFOUP TBMWPRVFMBMFZFTUBCMF[DBPUSBDPTB  QPSMBTOPSNBTEFEFSFDIPDPN|O1PSUBOUP FMDJVEBEBOPUFOESgFMNJTNPBDDFTPBMBJOGPSNBDJwOEFDVBM RVJFSFNQSFTBQ|CMJDBRVFFMRVFUJFOFSFTQFDUPEFDVBMRVJFSFNQSFTBQSJWBEB&TFFTFMQSJODJQJPCgTJDP¯ FO 4FTJwO/EFMB$gNBSBEF%JQVUBEPT EFKVOJPEF  1BSBVOBJOUFSQSFUBDJwOEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBEFTEFFOGPRVF WFS$POUFTTF 

"/6"3*0%&%&3&$)01Ì#-*$06%1



***-PTEFCFSFTEFUSBOTQBSFODJBQBTJWBZMBTFNQSFTBTQ|CMJDBT &MQSJNFSgNCJUPEFDPOUSPWFSTJBTPCSFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO 1|CMJDBIBSBEJDBEPFOEFUFSNJOBSTJTVTSFHMBTEFUSBOTQBSFODJBQBTJWBSF TVMUBOBQMJDBCMFTBMBTFNQSFTBTQ|CMJDBTZ BQBSUJSEFFMMP EFºOJSTJFM$1-5 TFSrBDPNQFUFOUFQBSBDPOPDFSEFMBTTPMJDJUVEFTEFBNQBSPEFMEFSFDIPEF BDDFTPBMBJOGPSNBDJwOEFEVDJEBTFODPOUSBEFFMMBT%VSBOUFFMBvP  FM$1-5TFQSPOVODJwFODVBUSPPQPSUVOJEBEFTTPCSFFMBTVOUP SFTPMWJFOEP EFDMBSBSTF JODPNQFUFOUF FO JEnOUJDPT GBMMPT EJWJEJEPT &O TrOUFTJT  EJDIBT EFDJTJPOFTTFGVOEBSPOFORVFMBTBUSJCVDJPOFTEFM$1-5FTUBSrBOSFTUSJOHJEBT BWFMBSQPSFMDVNQMJNJFOUPEFMBTPCMJHBDJPOFTFTUBCMFDJEBTFO®FTUBMFZ¯ZMBT FNQSFTBTQ|CMJDBTFTUBSrBOTVKFUBT|OJDBNFOUFBDJFSUPTEFCFSFTFTQFDJBMFTEF USBOTQBSFODJBBDUJWB EFNBOFSBRVFFM$1-5TFSrBJODPNQFUFOUFQBSBDPOPDFS EFTPMJDJUVEFTEFBNQBSPBMEFSFDIPEFBDDFTPBMBJOGPSNBDJwOTVTUFOUBEBTFO EJTQPTJDJPOFTRVFOPSFTVMUBOBQMJDBCMFTBFTUFUJQPEFPSHBOJTNPT &ODPOUSBTUF FMWPUPEFNJOPSrBEFM$POTFKFSP6SSVUJBDPOTJEFSwRVFFM$1-5 TFSrBDPNQFUFOUFQBSBDPOPDFSMBTTPMJDJUVEFTEFBNQBSP BUFOEJEPRVFMPTEF CFSFTEFUSBOTQBSFODJBQBTJWBFTUBCMFDJEPTFOMB-FZTPCSF"DDFTPBMB*OGPSNB DJwO1|CMJDBTFSrBOQMFOBNFOUFBQMJDBCMFTBMBTFNQSFTBTEFM&TUBEP1BSBFMMP DPOTJEFSB FOQSJNFSMVHBS RVFTVBSUrDVMPQSJNFSPSFHVMBFMEFSFDIPEFBDDFTP BMBJOGPSNBDJwOEFNBOFSBHFOnSJDBZSFTQFDUPEFUPEPTMPTwSHBOPTEFMBBE NJOJTUSBDJwOEFM&TUBEP FOUSFMPTDVBMFTTFFODVFOUSBOMBTFNQSFTBTQ|CMJDBT -VFHPTPTUJFOFRVFMBFYQSFTJwO®UBNCJnO¯VUJMJ[BEBQPSFMBSUrDVMPTFHVOEP BM SFGFSJSTF B MBT FNQSFTBT Q|CMJDBT  UFOESrB QPS PCKFUP SFDPOPDFS MB QPTJCJMJEBE EFBQMJDBSMFTPUSBTOPSNBTRVFMBTNFODJPOFOFYQMrDJUBNFOUF QFSPOPFYDMVJS BFTUFUJQPEFPSHBOJTNPTEFMBTEJTQPTJDJPOFTHFOFSBMFTRVFSJHFOBMBHFOFSB MJEBEEFMPTwSHBOPTEFMBBENJOJTUSBDJwOEFM&TUBEP'JOBMNFOUF FTUJNBRVF  DPNPFMQSJODJQJPEFQVCMJDJEBEFTUBCMFDJEPFOMB$POTUJUVDJwO1PMrUJDBSFTVMUB FYQSFTBNFOUFBQMJDBCMFBMBTFNQSFTBTQ|CMJDBT TJOEJTUJOHVJSFOUSFPCMJHBDJP OFTEFUSBOTQBSFODJBBDUJWBZQBTJWB OPDPSSFTQPOEFSrBBM$1-5EJTUJOHVJS +PSHF FE

*OGPSNF"OVBMTPCSF%FSFDIPT)VNBOPTFO$IJMF$FOUSPEF%FSFDIPT)VNBOPTEF MB'BDVMUBEEF%FSFDIPEFMB6OJWFSTJEBE%JFHP1PSUBMFT    7FS MPTQSPDFTPTTFHVJEPTBOUFFM$1-5CBKPMPTO|NFSPTEFFYQFEJFOUF" " "Z "  %FDJTJwO3FDMBNP/" DPOTJEFSBOEPTZ BDVZBEPDUSJOBTFIBSFNJUJEPFYQSFTBNFOUFFM $1-5QBSBSFTPMWFSMPTEFNgTBNQBSPT  7PUPEFNJOPSrBFO3FDMBNP/" BDVZBEPDUSJOBUBNCJnOTFIBOSFNJUJEPFYQSFTBNFOUFQBSB GVOEBSTVEFDJTJwOFOMPTEFNgTBNQBSPTTFvBMBEPT



1PS|MUJNP VOSFDJFOUFGBMMPEFMB$PSUFEF"QFMBDJPOFTEF4BOUJBHPWJFOFB DPSPOBSFMDVBESPKVSJTQSVEFODJBMJOTUBMBOEPUPEBWrBNBZPSFTHSBEPTEFJO DFSUJEVNCSF FO MB NBUFSJB $POPDJFOEP EFM QSJNFS SFDVSTP EF SFDMBNBDJwO EFEVDJEPDPOUSBMBTEFDJTJPOFTEFM$1-5FOFTUBNBUFSJB ZBQFTBSEFSFDIB[BS EFQMBOPFMSFDVSTPQPSTVFYUFNQPSBOFJEBE MB$PSUFUFSNJOBSFBMJ[BOEPVOB FTDVFUBBºSNBDJwOFOTVQBSUFSFTPMVUJWB TFvBMBOEPRVFUPEPMPBOUFSJPSFSB ®OPPCTUBOUFIBCFSTJEPFM$POTFKPQBSBMB5SBOTQBSFODJBQMFOBNFOUFDPNQFUFOUF QBSB DPOPDFS EFM SFDMBNP EF IBCFBT EBUB  EFEVDJEP QPS FM SFDVSSFOUF¯ &TUB QBSDBEFDMBSBDJwO KVOUPDPOVOBFYUSBvBQSFWFODJwOTVTDSJUBQPSFM.JOJTUSP #BSSB IBOHFOFSBEPVOJOTwMJUPFOUVTJBTNPFODJFSUBTDPSSJFOUFTEFPQJOJwO RVFQVCMJDJUBOFTUFGBMMPDPNPVOTVQVFTUPSFTQBMEPBMSB[POBNJFOUPEFMWPUP EFNJOPSrBEFM$POTFKFSP6SSVUJB/PPCTUBOUF FYJTUFOBMNFOPTUSFTHSVQPT EFSB[POFTRVFFYJHFOJOUFSQSFUBSFTUBSFTPMVDJwODPOVOBMDBODFUPUBMNFOUF EJWFSTP &OQSJNFSMVHBS VOBSFWJTJwONrOJNBNFOUF SFTQFUVPTB EF MB IJTUPSJB ºEF EJHOBEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBEFKBFOFWJEFODJBRVF MBEFDJTJwOEFJODMVJSBMBTFNQSFTBTQ|CMJDBTFOTVgNCJUPEFBQMJDBDJwOGVF DPOTFDVFODJBEFVOBDVFSEPQPMrUJDPFYQMrDJUP RVFJNQMJDBCBTPNFUFSMBTBVO SnHJNFOFTQFDJBMZFYDMVJSMBTEFMBTSFHMBTDPNVOFTFONBUFSJBEFUSBOTQBSFO DJBQBTJWBZBDUJWBBQMJDBCMFTBMBHFOFSBMJEBEEFMPTwSHBOPTEFMBBENJOJTUSB DJwOEFM&TUBEP&OTFHVOEPMVHBS VOBOgMJTJTFYFHnUJDPEFMBSUrDVMPTFHVOEP  $PSUFEF"QFMBDJPOFTEF4BOUJBHP 3PM/ JOUFHSBEBQPSMPT.JOJTUSPT$PSOFMJP7JMMBSSPFM  .BVSJDJP4JMWBZ"OUPOJP#BSSB&TUF|MUJNPSFEBDUwVOBFYUSBvBQSFWFODJwOBSHVNFOUBOEPRVFMB DPNQFUFODJBEFM$1-5QBSBSFTPMWFSMBTPMJDJUVEQPErBGVOEBSTF®BEFNgT¯FOMBQPUFTUBEFYQMrDJUBRVF FMBSUrDVMPEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBMFBUSJCVZFQBSBDPOPDFSEFMBTJOGSBDDJP OFTBMBTSFHMBTEFUSBOTQBSFODJBBDUJWBDVZBBQMJDBDJwOOPIBCSrBFTUBEPFODVFTUJwOQPSMBTQBSUFT &MMPBUFOEJEPRVFMBPCMJHBDJwOEFQVCMJDBS®MPTBDUPTZSFTPMVDJPOFTRVFUFOHBOFGFDUPTTPCSFUFSDFSPT¯RVF FTUBCMFDFTVMFUSBH

IBCSrBPCMJHBEPFOEJDIPDBTPB#BODP&TUBEPBIBDFSQ|CMJDBQSFWFOUJWBNFOUF MBJOGPSNBDJwORVFFTUBCBTPMJDJUBOEPFMSFDVSSFOUF4JOFNCBSHP SFTVMUBFWJEFOUFRVFMPTEFCFSFT EFUSBOTQBSFODJBBDUJWBFTUBCMFDJEPTFOFMBSUrDVMPOVODBTFBQMJDBOBMBTFNQSFTBTQ|CMJDBT QSF DJTBNFOUFQPSRVFFMMBTUJFOFOMBTSFHMBTFTQFDJBMFTEFMBSUrDVMPEnDJNP-PBOUFSJPSKBNgTIBFTUBEP FOEJTDVTJwOZQPSUBOUPMBQSFWFODJwOEFM.JOJTUSP#BSSBTFHVSBNFOUFPCFEFDFBVOTJNQMFNBM FOUFOEJEPRVFOPQVFEFTFSWJSQBSBEFUFSNJOBSFMTFOUJEPZBMDBODFEFMBSFGFSJEBQBSUFSFTPMVUJWB  5SBUgOEPTFEFMBTPCMJHBDJPOFTEFUSBOTQBSFODJBQBTJWB FMMPRVFEBEFNBOJºFTUPFOMBEJTDVTJwO NPUJWBEBQPSMBJOEJDBDJwORVFGPSNBMJ[wFTUBEFDJTJwOEFDPOTFOTP®"OUFMBTBºSNBDJPOFTEFM%J QVUBEPTFvPS/JDPMgT.PODLFCFSHFOFMTFOUJEPEFRVFMBQSPQPTJDJwOTFSrBJOTVºDJFOUFQPSRVFOP JODMVJSrBBMBTFNQSFTBTQ|CMJDBTFOMBTSFHMBTTPCSFUSBOTQBSFODJBQBTJWBZMBTEFMPT%JQVUBEPTTFvP SFT$BSEFNJMZ&MVDIBOTFOFMTFOUJEPEFRVFTJMBTFNQSFTBTQ|CMJDBTFTUBSrBOPCMJHBEBTBFOUSFHBS MBJOGPSNBDJwOFOMPTNJTNPTUnSNJOPTRVFMBTTPDJFEBEFTBOwOJNBTBCJFSUBT TJHOJºDBSrBRVFFTB JOGPSNBDJwO TFSrB MB RVF EFCF ºHVSBS FO MB 'JDIB &TUBErTUJDB $PEJºDBEB 6OJGPSNF '&$64

 RVF USJNFTUSBMNFOUFEFCFOMBTTPDJFEBEFTBOwOJNBTBCJFSUBTFOUSFHBSBMB4VQFSJOUFOEFODJBEF7BMPSFT Z4FHVSPT QFSPMPTBDDJPOJTUBTEFFTUBTTPDJFEBEFTUBNCJnOQVFEFOBDDFEFS TJMBTPMJDJUBO BMBJOGPS NBDJwORVFEJDIBTFNQSFTBTUJFOFOQFSPRVFOPºHVSBFOMB'&$64FODPOTFDVFODJB TJTFRVJFSF BTJNJMBS MB TJUVBDJwO EF MBT FNQSFTBT Q|CMJDBT B MB EF MBT TPDJFEBEFT BOwOJNBT BCJFSUBT Z TJFOEP 

"/6"3*0%&%&3&$)01Ì#-*$06%1



EFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBSFWFMBRVFFTUBEJTQPTJDJwO EJTUJOHVFDMBSBNFOUFFOTVTEJWFSTPTJODJTPTFOUSFFMFTUBUVUPDPN|OBQMJDB CMFBMBHFOFSBMJEBEEFMPTwSHBOPTEFMBBENJOJTUSBDJwOEFM&TUBEP FTUBCMFDJ EPFOFMBSUrDVMPQSJNFSPEFMBMFZ ZMPTSFHrNFOFTFTQFDJBMFTEFUSBOTQBSFODJB FTUBCMFDJEPTFOMPTBSUrDVMPTTJHVJFOUFTQBSBDJFSUPTwSHBOPTFTQFDrºDPTEFMB BENJOJTUSBDJwOZPUSPTwSHBOPTEFM&TUBEP&OQBSUJDVMBS MPTBSUrDVMPTRVJOUP  TnQUJNPZEnDJNPEFMBMFZSFHVMBOBMB$POUSBMPSrB(FOFSBMEFMB3FQ|CMJDB $(3

FM#BODP$FOUSBMZMBTFNQSFTBTQ|CMJDBT NJFOUSBTRVFMPTBSUrDVMPT TFYUP PDUBWPZOPWFOPDPOUFNQMBOBM$POHSFTP/BDJPOBM FMQPEFS+VEJDJBM  FM.JOJTUFSJP1|CMJDP FM5SJCVOBM$POTUJUVDJPOBMZMB+VTUJDJB&MFDUPSBM'JOBM NFOUF BNCPTSB[POBNJFOUPTWJFOFOSBUJºDBEPTQPSFM3FHMBNFOUPEFMB-FZ TPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB RVFFYQMrDJUBNFOUFFYDMVZFBMBTFN QSFTBTQ|CMJDBTEFMBTSFHMBTDPNVOFTBQMJDBCMFTBMBHFOFSBMJEBEEFMPTwSHB OPTEFMBBENJOJTUSBDJwOEFM&TUBEP

FOEFºOJUJWB UPEPTMPTDIJMFOPTBDDJPOJTUBTEFMBTQSJNFSBT MPMwHJDPTFSrBRVFFTBJOGPSNBDJwOOP JODMVJEBFOMB'&$64GVFSBUBNCJnOQ|CMJDBZ QPSMPNJTNP EFCJFSBOMBTFNQSFTBTQ|CMJDBTFTUBS BGFDUBTBMBTEJTQPTJDJPOFTTPCSFUSBOTQBSFODJBQBTJWB FM%JQVUBEPTFvPS4BGºSJPIJ[PQSFTFOUFRVF OPIBCrBTJNJMJUVEFOUSFBNCPTUJQPTEFFNQSFTBTQPSRVFFMBDDJPOJTUBEFVOBTPDJFEBEBOwOJNBUJF OFVOJOUFSnTQBUSJNPOJBMDMBSP QSPEVDUPEFTVEFSFDIPEFQSPQJFEBEZ QPSMPUBOUP OVODBTPMJDJUBSg RVFTFIBHBQ|CMJDBVOBJOGPSNBDJwORVFQPOESrBBTVFNQSFTBBNFSDFEEFMBDPNQFUFODJB DPOMBT OFHBUJWBTSFQFSDVTJPOFTRVFFMMPUFOESrBFOTVTEJWJEFOEPTZFOFMQSFDJPEFTVTBDDJPOFT1PSFMMP TP QSFUFYUPEFMBUSBOTQBSFODJB OPFTQPTJCMFQFEJSBMBTFNQSFTBTRVFDPNQJUFOFOFMNFSDBEPZBMBT DVBMFTTFFYJHFFºDJFODJB RVFFOUSFHVFOJOGPSNBDJwORVFBENJOJTUSBDJwOBMHVOB FOTVTBOPKVJDJP  FTUBSrBEJTQVFTUBBFOUSFHBSTJDPOFMMPQVFEFQFSEFSQPTJDJwOFOFMNFSDBEP¯FO4FTJwO/EFMB $gNBSBEF%JQVUBEPT EFNBZPEF



! & 0 2 0 & ¹ +

1 " 5 1 , 

)"$&0)1&3

!"))"6

-)&  &¹+ /"$)*"+1/&

$POTUJUVZFVOMPHSP IBCFSJODPSQPSBEPBMPT QSJODJQJPTEFUSBOTQBSFODJB BDUJWBZQBTJWBEFMBSUrDVMP RVJOUPBMBTFNQSFTBT Q|CMJDBTDSFBEBTQPS MFZcTUFGVFVOSFDMBNP USBOTWFSTBMEFM$POHSFTP /BDJPOBM5PEPTMPT EJQVUBEPTQMBOUFBNPT RVFOPFSBQPTJCMFRVF FNQSFTBTQ|CMJDBTOPTF EFKBSBOºTDBMJ[BS/PTF IBMPHSBEPUPEPMPRVF RVFSrBNPT QFSPIBZVO BWBODF ¥ 

"SUrDVMP-BT EJTQPTJDJPOFTEFFTUB MFZTFSgOBQMJDBCMFT BMPTNJOJTUFSJPT  MBTJOUFOEFODJBT MBT HPCFSOBDJPOFT MPT HPCJFSOPTSFHJPOBMFT  MBTNVOJDJQBMJEBEFT MBT 'VFS[BT"SNBEBT EF 0SEFOZ4FHVSJEBE1|CMJDB  ZMPTwSHBOPTZTFSWJDJPT Q|CMJDPTDSFBEPTQBSB FMDVNQMJNJFOUPEFMB GVODJwOBENJOJTUSBUJWB

"SUrDVMPÃNCJUP EFBQMJDBDJwO-BT EJTQPTJDJPOFTEFFTUF SFHMBNFOUPTFSgO BQMJDBCMFTBMPTNJOJTUFSJPT  MBTJOUFOEFODJBT MBT HPCFSOBDJPOFT MPT HPCJFSOPTSFHJPOBMFT  MBTNVOJDJQBMJEBEFT MBT 'VFS[BT"SNBEBT EF 0SEFOZ4FHVSJEBE1|CMJDB  ZMPTwSHBOPTZTFSWJDJPT Q|CMJDPTDSFBEPTQBSB FMDVNQMJNJFOUPEFMB GVODJwOBENJOJTUSBUJWB

&ONBUFSJBEFUSBOTQBSFO DJBQBTJWB TFDPOTBHSBMB PCMJHBDJwOEFEBSMFBDVBM RVJFSDJVEBEBOPBMNFOPT MBJOGPSNBDJwODPOUFOJEB FOMB'&$6EFVOBFNQSF TBQSJWBEB EFVOBTPDJFEBE BOwOJNB ZTBODJPOBFM JODVNQMJNJFOUPEFFTUB PCMJHBDJwODPONVMUBB CFOFºDJPºTDBM.FQBSFDF JNQPSUBOUFFTUFBWBODFBM ºOEFKBNPTBMBTFNQSFTBT Q|CMJDBTTVKFUBTBBMH|O HSBEPEFSFRVFSJNJFOUP DJVEBEBOPFONBUFSJBEF JOGPSNBDJwO

-B$POUSBMPSrB(FOFSBMEF MB3FQ|CMJDBZFM#BODP $FOUSBMTFBKVTUBSgOB MBTEJTQPTJDJPOFTEFFTUB MFZRVFFYQSFTBNFOUF nTUBTFvBMF ZBMBTEFTVT SFTQFDUJWBTMFZFTPSHgOJ DBTRVFWFSTFOTPCSFMPT BTVOUPTBRVFTFSFºFSF FMBSUrDVMPQSFDFEFOUF 5BNCJnOTFBQMJDBSgOMBT EJTQPTJDJPOFTRVFFTUBMFZ FYQSFTBNFOUFTFvBMFBMBT FNQSFTBTQ|CMJDBTDSFBEBT QPSMFZZBMBTFNQSFTBTEFM &TUBEPZTPDJFEBEFTFORVF nTUFUFOHBQBSUJDJQBDJwO BDDJPOBSJBTVQFSJPSBM PNBZPSrBFOFMEJSFDUPSJP

/PTFBQMJDBSgOBMB$POUSB MPSrB(FOFSBMEFMB3FQ|CMJ DB BM#BODP$FOUSBM BMBT FNQSFTBTQ|CMJDBTDSFBEBT QPSMFZZBMBTFNQSFTBTEFM &TUBEPZTPDJFEBEFTFORVF nTUFUFOHBQBSUJDJQBDJwO BDDJPOBSJBTVQFSJPSBM PNBZPSrBFOFMEJSFDUPSJP ¥ %JDIPTPSHBOJTNPTTF SFHJSgOQPSMBTEJTQPTJDJP OFTEFMBMFZ/RVF nTUBFYQSFTBNFOUFTFvBMF ZQPSMBTEJTQPTJDJPOFTEF TVTSFTQFDUJWBTMFZFTPSHg OJDBTRVFWFSTFOTPCSFMPT BTVOUPTBRVFTFSFºFSFFM BSUrDVMPQSFDFEFOUF

5BCMB&TQrSJUV UFOPSMJUFSBMZBQMJDBDJwOSFHMBNFOUBSJBEFMBTSFHMBTTPCSF USBOTQBSFODJBQBTJWB

"/6"3*0%&%&3&$)01Ì#-*$06%1



$PNPQVFEFBEWFSUJSTF FMWPUPEFNJOPSrBEFM$POTFKFSP6SSVUJBJOTUSVNFO UBMJ[BMBJOUFSQSFUBDJwOEFMQSJODJQJPDPOTUJUVDJPOBMEFQVCMJDJEBEQBSBEFTDP OPDFSUBOUPFMFTQrSJUVEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBDPNP TVUFOPSMJUFSBMZBQMJDBDJwOSFHMBNFOUBSJB&TUBGPSNBEFSB[POBNJFOUP PMWJ EBRVFMBTSFHMBTMFHBMFTZSFHMBNFOUBSJBTTPOVOQSPEVDUPEFMBQPOEFSBDJwO FOUSFEJWFSTBTPQDJPOFTEFQPMrUJDBQ|CMJDB UPEBTDPOTUJUVDJPOBMNFOUFBENJ TJCMFT QFSPRVFDPNQJUFOQPSJNQPOFSTFNFEJBOUFQSPDFEJNJFOUPTEFNPDSg UJDPT1SPCBCMFNFOUF FM$POTFKFSP6SSVUJBGVFJODBQB[EFBCTUSBFSTFEFMBT GSVTUSBDJPOFTRVFFYQFSJNFOUwBMJOUFOUBSºTDBMJ[BSMBTFNQSFTBTQ|CMJDBTEV SBOUFTVMBCPSQBSMBNFOUBSJB BQFMBOEPBTrBMFTQBDJPEFMJCFSUBEJOUFSQSFUBUJWB RVFDBSBDUFSJ[BBMPTQSJODJQJPTDPOTUJUVDJPOBMFTQBSBTJNQMFNFOUFQFSTFWFSBS FOTVTDPOWJDDJPOFTQFSTPOBMFT.gTBMMgEFMPTBQMBVTPTRVFTFHVSBNFOUF SFDJCJSgFTUBJOUFSQSFUBDJwOFOMBDrOJDBDPSUFEFMFNQFSBEPS FMQSPCMFNBFT RVFDPOGVOEJSMPTSPMFTEFMFHJTMBEPSZKVF[SFTVMUBHSBWrTJNP QVFTOPTPMB NFOUFTJHOJºDBEFTQSFDJBSFMQSPDFTPEFEFMJCFSBDJwOEFNPDSgUJDBZEFFTUF NPEPMBQSPQJBEJHOJEBEEFMBSFQSFTFOUBDJwODJVEBEBOB TJOPRVFUBNCJnO JNQMJDBUSBOTGPSNBSFOEFSFDIPWJHFOUFBVOBNFSBEJTJEFODJBQPMrUJDB "IPSBCJFO SFTQFDUPEFMBDPNQFUFODJBEFM$1-5QBSBDPOPDFSEFTPMJDJUVEFT EFBNQBSPEFEVDJEBTFODPOUSBEFFNQSFTBTQ|CMJDBT FMWPUPEFNBZPSrBQB SFDFIBCFSBTVNJEPVOBJOUFSQSFUBDJwOFYUSBvBNFOUFSFTUSJOHJEB&OUnSNJ OPTHFOFSBMFT MBDPNQFUFODJBEFMPTPSHBOJTNPTQ|CMJDPTWJFOFEFUFSNJOBEB QPSVOBDPNCJOBDJwOFOUSFTVTGVODJPOFTHFOnSJDBTZTVTEJWFSTBTBUSJCVDJP OFTFTQFDrºDBT%FFTUFNPEP QBSFDFDMBSPRVFMBGVODJwOEF®HBSBOUJ[BSFM EFSFDIPEFBDDFTPBMBJOGPSNBDJwO¯FTUBCMFDJEBFOFMBSUrDVMPEFMB-FZTPCSF  4PCSFMBJNQPSUBODJBEFRVFOVFTUSPTKVFDFTSFTQFUFOMBEJTUJODJwOFOUSFSFHMBTZQSJODJQJPT "MEVOB UF &EVBSEP®&MFGFDUPEFJSSBEJBDJwOEFMPTEFSFDIPTGVOEBNFOUBMFT¯ FO-BDPOTUJUVDJPOBMJ[BDJwOEFM EFSFDIPDIJMFOP  &EJUPSJBM+VSrEJDBEF$IJMF  Z -PWFSB %PNJOHPZ6HBSUF +PTn-VJT4PCSF MB QFMJHSPTB JSSFMFWBODJBEFMBEJTUJODJwOFOUSFSFHMBTZQSJODJQJPT BDUVBMNFOUFJOnEJUPZEFQSwYJNBQVCMJ DBDJwO   &M $POTFKFSP 6SSVUJB FKFSDJw EVSBOUF EPT QFSJPEPT TVDFTJWPT DPNP EJQVUBEP EFM %JTUSJUP / EF 7JvBEFM.BS FOSFQSFTFOUBDJwOEFMQBSUJEP3FOPWBDJwO/BDJPOBM&OUSFPUSBT JOUFHSwMB$PNJTJwO &TQFDJBMEF$03'0ZMB$PNJTJwO*OWFTUJHBEPSBEF$0%&-$0RVFUVWPMVHBSDPNPDPOTFDVFODJB EFMFTDgOEBMPQ|CMJDPQPSMPTGSBVEFTEF+VBO1BCMP%gWJMB EJTQPOJCMFFOMrOFBIUUQCJPHSBºBTCDO DM1BSBVOBBEWFSUFODJBFTQFDrºDBTPCSFFTUBBOPNBMrBIFSNFOnVUJDBFOMBBQFMBDJwOBQSJODJQJPT DPOTUJUVDJPOBMFT "MDBMEF &OSJRVF 

®3FMBDJwOFOUSFWBMPSFTZQSJODJQJPTHFOFSBMFTEFEFSFDIP FOMBJOUFSQSFUBDJwODPOTUJUVDJPOBMEFMPTEFSFDIPTGVOEBNFOUBMFTFO$IJMF¯ FO3FWJTUB$IJMFOBEF %FSFDIP 7PM   8BMESPO +FSFNZ 5IF%JHOJUZPG-FHJTMBUJPO  $BNCSJEHF6OJWFSTJUZ1SFTT   5TDIPSOF 4BNVFM®$PNFOUBSJPEFMBKVSJTQSVEFODJBTPCSF%FSFDIP"ENJOJTUSBUJWPEFMBvP¯  FO3FWJTUBEF%FSFDIP 



"DDFTPBMB*OGPSNBDJwO1|CMJDB KVOUPDPOMBBUSJCVDJwOFTQFDrºDBEF®SFTPMWFS MPTSFDMBNPTQPSEFOFHBDJwOEFBDDFTPBMBJOGPSNBDJwORVFMFTFBOGPSNVMBEPT¯RVF TVBSUrDVMPMFUSBC FOUSFHBBM$1-5 QFSNJUJSrBOBMNFOPTDPOGPSNBSVOB QPUFTUBEJOIFSFOUFQBSBQSPOVODJBSTFTPCSFFTUFBTVOUP&MMPFTDPOTJTUFOUF DPOFMBNQMJPSFDPOPDJNJFOUPJOTUJUVDJPOBMEFMBDPNQFUFODJBFYDMVTJWBEFM $1-5QBSBSFTPMWFSMBTTPMJDJUVEFTRVFTFGPSNVMFOFOFMNBSDPEFMB-FZTPCSF "DDFTPBMB*OGPSNBDJwO1|CMJDBEFOUSPEFMPSEFOBENJOJTUSBUJWP BTrDPNP UBNCJnODPOFMQSJODJQJPEFJOFYDVTBCJMJEBERVFSJHFBUPEPTRVJFOFTEFTBSSP MMBOQSPDFEJNJFOUPTBENJOJTUSBUJWPT4JOFNCBSHP TPSQSFTJWBNFOUF FM$1-5 BTVNJwRVFDBSFDrBEFMBTBUSJCVDJPOFTOFDFTBSJBTQBSBQSPOVODJBSTFTPCSFFM GPOEPEFMBQSFUFOTJwOEFEVDJEB -BNFOUBCMFNFOUF FTQPTJCMFRVFMBEFDJTJwOEFM$1-5IBZBFTUBEPNPUJWBEB QPSMBDMBSJEBEDPORVFMPTEJTUJOUPTFMFNFOUPTJOUFSQSFUBUJWPTEFMB-FZTPCSF "DDFTPBMB*OGPSNBDJwO1|CMJDBEFTDBSUBOMBQPTJCJMJEBEEFBQMJDBSBMBTFNQSF TBTQ|CMJDBTMBTSFHMBTHFOFSBMFTTPCSFUSBOTQBSFODJBZ FOQBSUJDVMBS MPTEFCFSFT EFUSBOTQBSFODJBQBTJWB&OFMGPOEP QBSFDJFSBRVFFM$1-5QSFºSJwEFDMBSBSTF JODPNQFUFOUFBOUFTRVFBEPQUBSMBJNQPQVMBSEFDJTJwOEFSFDIB[BSMPTSFDVSTPT "OVFTUSPFOUFOEFS FTUPGVFMPRVFSB[POBCMFNFOUFJOUFOUwDPSSFHJSMB$PSUFEF 4BOUJBHPDPOMBGSBTFºOBMEFTVQSPOVODJBNJFOUP SFBºSNBOEPRVFFM$1-5FSB FMPSHBOJTNPDPNQFUFOUFQBSBQSPOVODJBSTFSFTQFDUPEFFTUFUJQPEFTPMJDJUVEFT  BVORVFGBMMBOEPDPOGPSNFBEFSFDIPEFCBSFDIB[BSMBTQPSJNQSPDFEFOUFT&O EFºOJUJWB FTUFHSVQPEFDPOUSPWFSTJBTEFNVFTUSBRVFMBJODBQBDJEBEEFM$1-5 QBSB BEPQUBS EFDJTJPOFT QPMrUJDBNFOUF JODPSSFDUBT UFSNJOw QPS SFTVDJUBS VOB EJTDVTJwORVFIBCrBTJEPBNQMJBNFOUF[BOKBEBNFEJBOUFMPTQSPDFEJNJFOUPT EFNPDSgUJDPTEFMBEJTDVTJwOMFHJTMBUJWB 

*7-PTEFCFSFTEFUSBOTQBSFODJBBDUJWBFOMBTFNQSFTBTQ|CMJDBT &MTFHVOEPgNCJUPEPOEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBIBHFOFSBEP DPOUSPWFSTJBEJDFSFMBDJwODPOMBFYUFOTJwOEFMPTEFCFSFTEFUSBOTQBSFODJBBDUJWBB RVFFTUBSrBOTVKFUBTMBTFNQSFTBTQ|CMJDBT&TQFDrºDBNFOUF MBDPOUSPWFSTJBTFSFºFSF  &OFGFDUP FMPSEFOBNJFOUPKVSrEJDPBENJOJTUSBUJWPTJFNQSFIBSFDPOPDJEPRVFKVOUPDPOMBTQPUFTUB EFTFYQSFTBT MPTwSHBOPTEFMBBENJOJTUSBDJwODVFOUBODPOVOBTFSJFEFQPUFTUBEFTJOIFSFOUFTRVF QVFEFOJOGFSJSTFEFnTUBTZRVFEFUFSNJOBOTVTSFTQFDUJWPTgNCJUPTEFDPNQFUFODJB DPOFMPCKFUPEF EPUBSEFDPIFSFODJBFJOUFHSJEBEBTVBDUVBSFOSFMBDJwODPOMPTºOFTSFHVMBUPSJPTQSPQVFTUPTQPSFM MFHJTMBEPS4BOUBNBSrB +VBO"MGPOTP 1SJODJQJPTEF%FSFDIP"ENJOJTUSBUJWP(FOFSBM UPNP*  &EJUPSJBM *VTUFM    7nBOTFBNPEPJMVTUSBUJWPEJDUgNFOFTEFMB$(3/ /Z

"/6"3*0%&%&3&$)01Ì#-*$06%1



BMOJWFMEFUSBOTQBSFODJBRVFSFTVMUBSrBFYJHJCMFBMBTFNQSFTBTQ|CMJDBTSFTQFDUPEF MBSFNVOFSBDJwOEFTVTEJSFDUPSFTZHFSFOUFT1PSVOMBEP MBTFNQSFTBTQ|CMJDBT  MJEFSBEBTQPS5FMFWJTJwO/BDJPOBMEF$IJMF 57/

TPTUJFOFORVFTPMBNFOUFFTUBSrBO PCMJHBEBTBJOGPSNBSFOEFUBMMFMBSFNVOFSBDJwOEFMPTNJFNCSPTEFMEJSFDUPSJPZEFM DBSHPFRVJWBMFOUFBMHFSFOUFHFOFSBM NJFOUSBTRVFMBSFNVOFSBDJwOEFMPTSFTUBOUFT DBSHPTEJSFDUJWPTPHFSFODJBMFTQPESrBTFSEJWVMHBEBEFNBOFSBDPOTPMJEBEB1PSPUSP MBEP FM$1-5TPTUJFOFRVFFTUFUJQPEFPSHBOJTNPTFTUBSrBPCMJHBEPBJOGPSNBSFOEF UBMMFUBOUPMBSFNVOFSBDJwOEFMPTNJFNCSPTEFMEJSFDUPSJPZEFMDBSHPFRVJWBMFOUFBM HFSFOUFHFOFSBM DPNPMBEFMPTRVFFKFS[BOVOBGVODJwOTJNJMBSBMPTHFSFOUFTEFgSFB WHHFSFOUFEFPQFSBDJPOFT HFSFOUFEFWFOUBT HFSFOUFEFºOBO[BT ZEFUPEPPUSP DBSHPDPODBQBDJEBESFMFWBOUFQBSBUPNBSEFDJTJPOFTEFOUSPEFMBDPNQBvrB 5SBUgOEPTFEFMPTEFCFSFTEFUSBOTQBSFODJBBDUJWB FMPCKFUJWPSFHVMBUPSJPEFIPNP MPHBSMPTFTUgOEBSFTEFQVCMJDJEBEFOUSFMBTFNQSFTBTQ|CMJDBTZMBTTPDJFEBEFTBOw OJNBTBCJFSUBTSFTVMUBFTQFDJBMNFOUFFWJEFOUF&TUBJOUFODJwOOPTPMBNFOUF»VZF EFEJWFSTPTQBTBKFTEFMBIJTUPSJBEFMBMFZ TJOPRVFMPTEJTUJOUPTMJUFSBMFTEFMBSUrDVMP EnDJNPEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBQBSFDJFSBOIBCFSTFDPO GPSNBEPDPOSFDPHFSDJFSUPTEFCFSFTHFOFSBMFTEFJOGPSNBSFTUBCMFDJEPTFOMB-FZ EF4PDJFEBEFT"OwOJNBTZMB-FZEF.FSDBEPEF7BMPSFT QBSBMVFHPBEBQUBSMPTBM DPOUFYUPEFMBTFNQSFTBTQ|CMJDBT&TUBTJNJMJUVETFSFQSPEVDFBOJWFMSFHMBNFO UBSJPFOUSFFM*OTUSVDUJWP(FOFSBM/EFM$1-5ZMB/PSNBEF$BSgDUFS(FOFSBM /EFMB4VQFSJOUFOEFODJBEF7BMPSFTZ4FHVSPT 474 4FH|OTFNVFTUSBFO MBTJHVJFOUFUBCMB MBQSJODJQBMEJGFSFODJBFOUSFMPTEFCFSFTEFUSBOTQBSFODJBBDUJWB EFMBTFNQSFTBTQ|CMJDBTZMPTEFCFSFTEFJOGPSNBSEFMBTTPDJFEBEFTBOwOJNBT BCJFSUBTTFSFºFSFQSFDJTBNFOUFBMBTVOUPRVFTVTDJUBDPOUSPWFSTJB FTUPFT FMOJWFM EFEFUBMMFDPORVFEFCFJOGPSNBSTFMBSFNVOFSBDJwOEFMPTEJSFDUPSFTZHFSFOUFTEF MBTDPNQBvrBT  7FS MPTQSPDFTPTTFHVJEPTBOUFFM$1-5CBKPMPTO|NFSPTEFFYQFEJFOUF3Z3 BTrDPNP FM 0ºDJP / EFM $1-5 SFTQFDUP EF MB &NQSFTB 1FSJPErTUJDB -B /BDJwO 4" Z FM *OTUSVDUJWP EFMPT.JOJTUFSJPTEFM*OUFSJPS )BDJFOEBZ4FDSFUBSJB(FOFSBMEFMB1SFTJEFODJB EFEFBCSJMEF   6OBJOUSPEVDDJwOBMPTEFCFSFTEFJOGPSNBSFOFMgNCJUPEFMBTTPDJFEBEFTBOwOJNBT FO$BSFZ (VJ MMFSNP %FMBTPDJFEBEBOwOJNBZMBSFTQPOTBCJMJEBEDJWJMEFMPTEJSFDUPSFT  &EJUPSJBM6OJWFSTJUBSJB     1BSBVOBSFWJTJwOFYIBVTUJWBEFMBFTUSVDUVSBZDPOUFOJEPEFMB/PSNBEF$BSgDUFS(FOFSBM/EFMB 474 /|vF[ %BWJE 3FTQPOTBCJMJEBEDJWJMFOMBPGFSUBQ|CMJDBEFWBMPSFT  .FNPSJBTEF(SBEP6OJWFSTJEBE EF$IJMF   &ODPOUSBTUF MBTFDDJwOEFM*OTUSVDUJWP(FOFSBM/EFM$1-5TPCSF°NBSDPOPSNBUJWPBQMJDBCMF±FT TVTUBODJBMNFOUFJEnOUJDBBMBTFDDJwO**$CEFMB/PSNBEF$BSgDUFS(FOFSBM/EFMB474 TPCSF°JEFOUJºDBDJwOEFMBFOUJEBE±-PNJTNPTVDFEFFOUSFMBTTJHVJFOUFTTFDDJPOFTEFMPTSFTQFDUJWPT



F K P Q O R @ Q F S L  DB KB O > I  K}

KLOJ>AB@>Oc@QBO  D BKBO>I K}

*OGPSNBDJwODPOTPMJEBEBEFM QFSTPOBMZMBSFNVOFSBDJwOUPUBM QFSDJCJEBQPSFMQFSTPOBMEFMBFNQSFTB  EFGPSNBHMPCBMZDPOTPMJEBEB&OFTUF MJUFSBMTFEFCFSgJOGPSNBSFMO|NFSPUPUBM EFUSBCBKBEPSFT EJGFSFODJBEPTQPSMVHBS EFEFTFNQFvP TJFYJTUJFSBNgTEFVOP Z FMO|NFSPFTQFDrºDPRVFTFEFTFNQFvB FODBEBVOJEBEVwSHBOPJOUFSOPEFMB FNQSFTBDPOTJHOBEPTFOFMPSHBOJHSBNB &ODVBOUPBMBSFNVOFSBDJwOEFMQFSTPOBM EFMBFNQSFTBEFCFSgJOGPSNBSTFMB SFNVOFSBDJwOUPUBMCSVUBQFSDJCJEBQPS UPEPTMPTUSBCBKBEPSFTEFMBFNQSFTB

**$3FNVOFSBDJPOFT4F EFCFSgJOGPSNBS EFGPSNBHMPCBM MB SFNVOFSBDJwOUPUBMQFSDJCJEBQPSMPT HFSFOUFTZFKFDVUJWPTQSJODJQBMFTEFMB TPDJFEBE4FEFCFSgJOGPSNBS EFGPSNB HMPCBM MBJOEFNOJ[BDJwOQPSBvPTEF TFSWJDJPUPUBMQFSDJCJEBQPSHFSFOUFZ FKFDVUJWPQSJODJQBMFT&ODBTPRVFFYJTUBO QMBOFTEFJODFOUJWPUBMFTDPNPCPOPT  DPNQFOTBDJPOFTFOBDDJPOFT PQDJPOFT EFBDDJPOFTVPUSPT TFEFCFSgEFTDSJCJS CSFWFNFOUFFMQMBOZMBCBTFTPCSFMB DVBMMPTEJSFDUPSFT BENJOJTUSBEPSFTZP FKFDVUJWPTQBSUJDJQBOFOnM MFUSBTE FZG 

3FNVOFSBDJwOQFSDJCJEBFOFMBvP QPSDBEB%JSFDUPS 1SFTJEFOUF&KFDVUJWPP 7JDFQSFTJEFOUF&KFDVUJWPZ(FSFOUFT-B JOGPSNBDJwOSFMBUJWBBMBSFNVOFSBDJwO EFCFSgDPOUFOFSTFFOGPSNBCSVUBZQPS BOVBMJEBEFT DPOTJEFSBOEPUPEPUJQP EFFTUJQFOEJPRVFDPODFEBMBFNQSFTB FOWJSUVEEFMDBSHPVPUSBDBVTB  SFTQFDUPEFDBEB%JSFDUPS 1SFTJEFOUF &KFDVUJWPP7JDFQSFTJEFOUF&KFDVUJWPZ (FSFOUFTSFTQPOTBCMFTEFMBEJSFDDJwOZ BENJOJTUSBDJwOTVQFSJPSEFMBFNQSFTB 4FFOUFOEFSgQPS°°HFSFOUFTSFTQPOTBCMFT EFMBEJSFDDJwOZBENJOJTUSBDJwOTVQFSJPS EFMBFNQSFTB±±BBRVFMMPTHFSFOUFTRVF UFOHBOMBDBQBDJEBEEFEFUFSNJOBSMPT PCKFUJWPT QMBOJºDBS EJSJHJSPDPOUSPMBSMB DPOEVDDJwOTVQFSJPSEFMPTOFHPDJPTPMB QPMrUJDBFTUSBUnHJDBEFMBFOUJEBE ZBTFB QPSTrTPMPTPKVOUPDPOPUSPT

**$3FNVOFSBDJPOFT%FBDVFSEP BMBSUrDVMPEFMB-FZ/EFCFSg TFvBMBSTFUPEBSFNVOFSBDJwOQFSDJCJEB QPSDBEBEJSFDUPSPBENJOJTUSBEPSFO FMFKFSDJDJP JODMVTPMBTRVFQSPWFOHBO EFGVODJPOFTPFNQMFPTEJTUJOUPTEFM FKFSDJDJPEFTVDBSHPPQPSDPODFQUP EFHBTUPTEFSFQSFTFOUBDJwO WJgUJDPT  SFHBMrBTZFOHFOFSBMUPEPPUSPFTUJQFOEJP  JODMVZFOEPBRVnMMBTRVFDPSSFTQPOEBOFO WJSUVEEFMPEJTQVFTUPQPSFMBSUrDVMP CJTEFMB-FZ/-BQSFTFOUBDJwO EFCFSgSFBMJ[BSTFFOGPSNBDPNQBSBUJWB ZFOEFUBMMF EFUBMGPSNBRVFQVFEB JEFOUJºDBSTFDMBSBNFOUFQBSBDBEB EJSFDUPSPBENJOJTUSBEPS FMNPOUPZ PSJHFOEFMBTSFNVOFSBDJPOFTQFSDJCJEBT &OBRVFMMPTDBTPTRVFMBSFNVOFSBDJwO OPDPOTJTUBFOEJOFSP EFCFSgQSFTFOUBSTF BWBMVBEBFONPOFEBEFMBGFDIBEFDJFSSF EFMFKFSDJDJP MFUSBTB CZD 

5BCMB$PNQBSBDJwOEFMBSFHVMBDJwOTPCSFSFNVOFSBDJPOFTFOUSFTPDJFEB EFTBOwOJNBTZFNQSFTBTQ|CMJDBT

"/6"3*0%&%&3&$)01Ì#-*$06%1



$PNPTFBQSFDJB MBTTPDJFEBEFTBOwOJNBTTPMBNFOUFEFCFOFOUSFHBSJOGPS NBDJwO EFUBMMBEB SFTQFDUP EF MB SFNVOFSBDJwO EF TVT EJSFDUPSFT  CBTUgOEP MFTDPOEJWVMHBSJOGPSNBDJwODPOTPMJEBEBSFTQFDUPEFMHFSFOUFHFOFSBMZTV FRVJQPEFFKFDVUJWPTQSJODJQBMFT&ODPOUSBTUF MBTFNQSFTBTQ|CMJDBTFTUBSrBO TVKFUBTBVOFTUgOEBSEJGFSFOUFRVFJODMVZFJOGPSNBSEFUBMMBEBNFOUFUBOUPMB SFNVOFSBDJwOEFTVTEJSFDUPSFT DPNPMBEFMPTHFSFOUFTZEFUPEPPUSPDBSHP BOgMPHP®SFTQPOTBCMFEFMBEJSFDDJwOZBENJOJTUSBDJwOTVQFSJPSEFMBFNQSFTB¯ 1BSBBQSFDJBSMBJNQPSUBODJBEFFTUBEJGFSFODJB EFCFUFOFSTFFODVFOUBRVF MBTPSHBOJ[BDJPOFTFNQSFTBSJBMFTTPOFTFODJBMNFOUFFTUSVDUVSBTKFSgSRVJDBT  DVZBD|TQJEFTVFMFFTUgGPSNBEBQPSMPTEVFvPTEFMBDPNQBvrBSFQSFTFOUBEPT FOMBKVOUBEFBDDJPOJTUBT TJUVgOEPTFCBKPFMMB QSJNFSP VOwSHBOPDPMFDUJWP DPNPFMEJSFDUPSJPZ EFTQVnT FMHFSFOUFHFOFSBM TFDVOEBEPQPSFMFRVJQPEF USBCBKPRVFGPSNBOMPTHFSFOUFTEFgSFBTZFKFDVUJWPTQSJODJQBMFT%FFTUF NPEP JODMVJSMBSFNVOFSBDJwOEFDBSHPTHFSFODJBMFTEFOUSPEFMBJOGPSNBDJwO DVZPEFUBMMFEFCFTFSEJWVMHBEPJNQMJDBBVNFOUBSFMOJWFMEFUSBOTQBSFODJBFO VOPPNgTHSBEPTEFOUSPEFMBFTUSVDUVSBKFSgSRVJDBEFMBDPNQBvrB $POGPSNFBMBQPTJDJwOEFMBTFNQSFTBTQ|CMJDBT FTUBEJGFSFODJBPCFEFDFSrB BVOBJOUFODJwOEFIPNPMPHBSMBEJWFSTJEBEUFSNJOPMwHJDBZGVODJPOBMEFMPT FTRVFNBTEFHPCJFSOPDPSQPSBUJWPEFMBTFNQSFTBTQ|CMJDBT"Tr QPSFKFN QMP NJFOUSBTFMFKFDVUJWPTVQFSJPSEF$0%&-$0UJFOFFMDBSHPEF1SFTJEFOUF &KFDVUJWP FO&/".*TFEFOPNJOB7JDFQSFTJEFOUF&KFDVUJWPZ FO$PSSFPTEF $IJMF  (FSFOUF (FOFSBM "Tr UBNCJnO  FO MB NBZPSrB EF MBT FNQSFTBT Q|CMJ DBTFMFKFDVUJWPTVQFSJPSFTFMFHJEPQPSFMEJSFDUPSJP QFSPFOPUSBTFTUFDBSHP QVFEFTFSEFTJHOBEPEJSFDUBNFOUFQPSFM(PCJFSOP1PSFTUBSB[wO QBSBEF UFYUPTSFHMBNFOUBSJPT°FTUSVDUVSBPSHgOJDBZPSHBOJ[BDJwOJOUFSOB±Z**$°BENJOJTUSBDJwOZQFSTP OBM±°FTUBEPTºOBODJFSPT±Z**$°JOGPSNFTºOBODJFSPT±°ºMJBMFTZDPMJHBEBT±Z**$°ºMJBMFT ZDPMJHBEBT±Z °DPNQPTJDJwOEFEJSFDUPSJPTZSFTQPOTBCMFTEFMBBENJOJTUSBDJwO±Z**$B°EJSFDUPSJP  DPNJUnEFEJSFDUPSFT HFSFOUFTZFKFDVUJWPTQSJODJQBMFT±  "MJHVBMRVFNVDIPTPUSPTBTQFDUPTEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB FMMPFTSFTVMUBEP EFVOBTPMVDJwOEFDPOTFOTPFOUSFMBQPTJDJwOJOJDJBMEFM$POHSFTPZMBQPTJDJwOJOJDJBMEFM(PCJFSOP .JFOUSBTMBQPTJDJwOJOJDJBMEFM$POHSFTPFTUgSFQSFTFOUBEBFOMBJOEJDBDJwOEFM4FOBEPS-BSSBrORVF JODMVrB®MBTSFNVOFSBDJPOFTEFUPEPFMQFSTPOBMEFMBFNQSFTB¯ MBQPTJDJwOJOJDJBMEFM(PCJFSOPDPOTJTUJw FOEJWVMHBSTPMBNFOUFMBSFNVOFSBDJwOEFMPTNJFNCSPTEFMEJSFDUPSJP WFSJOEJDBDJwO/QSFTFOUBEB QPSFM4FOBEPS-BSSBrOFMEFKVMJPEFFJOEJDBDJwOTVTUJUVUJWBEFM&KFDVUJWPQSFTFOUBEBFO4FTJwO /EFMB$gNBSBEF%JQVUBEPT EFNBZPEF  1BSBVOBFYQMJDBDJwOBDFSDBEFMBNBOFSBFORVFMBSFHVMBDJwOTPCSFTPDJFEBEFTBOwOJNBTSFDPHFFTUB FTUSVDUVSBKFSgSRVJDBEFHPCJFSOPDPSQPSBUJWP #FSOFU .BOVFM ®&MHPCJFSOPEFMBTTPDJFEBEFTBCJFS UBT¯ FO3FWJTUBEF%FSFDIP6OJWFSTJEBE"VTUSBM 7PM   &OUSFPUSBT BTrTVDFEFDPOMBTFNQSFTBTWJODVMBEBTBSBNBTDBTUSFOTFTDPNPMB&NQSFTB/BDJPOBMEF "FSPOgVUJDB -FZ/ BSUrDVMP

MB'gCSJDBZ.BFTUSBO[BTEFM&KnSDJUP %'-/ BSUrDVMP Z



UFSNJOBSMPTDBSHPTSFTQPOTBCMFTEFMBEJSFDDJwOZBENJOJTUSBDJwOTVQFSJPSEF VOBFNQSFTBQ|CMJDBEFCFSrBBUFOEFSTFBMPRVFEJTQPOHBMBMFZPSHgOJDBSFT QFDUJWB"UFOEJEPRVFFTUBTMFZFTHFOFSBMNFOUFEJTUSJCVZFOMBBENJOJTUSBDJwO EF MB DPNQBvrB FOUSF VO wSHBOP DPMFHJBEP BOgMPHP BM EJSFDUPSJP Z VO DBSHP VOJQFSTPOBMBOgMPHPBMHFSFOUFHFOFSBM MBDPOTFDVFODJBOBUVSBMEFIPNPMP HBSMPTEFCFSFTEFJOGPSNBSFOMBTTPDJFEBEFTBOwOJNBTBCJFSUBTTFSrBBVNFO UBSFMFTUgOEBSEFUSBOTQBSFODJBEFMBTFNQSFTBTQ|CMJDBTFOVOHSBEPEFOUSP EFTVFTUSVDUVSBKFSgSRVJDB 1PSTVQBSUF MBQPTJDJwOEFM$1-5QBSFDJFSBGVOEBSTFFORVFMBBENJOJTUSBDJwO TVQFSJPSEFVOBFNQSFTBQ|CMJDBTFSrBVOBDVFTUJwOEFIFDIP RVFEFQFOEFSrB EFMBTGBDVMUBEFTRVFFMEJSFDUPSJPFGFDUJWBNFOUFIBZBEFMFHBEPFOFMHFSFOUF HFOFSBMZTVFRVJQPEFUSBCBKP&OFGFDUP VUJMJ[BOEPDSJUFSJPTFYUSFNBEBNFOUF BCTUSBDUPTDPNP®DPOEVDDJwOTVQFSJPSEFMPTOFHPDJPT¯P®QPMrUJDBFTUSBUnHJDBEFMB FOUJEBE¯ FM$1-5FOUFOEJwRVF57/EFCrBFOUSFHBSMFJOGPSNBDJwOEFUBMMBEB SFTQFDUPEFUPEPTMPTFKFDVUJWPTEFMBDPNQBvrBRVF®SFTQPOEJFSBOEJSFDUBNFOUF BM%JSFDUPS&KFDVUJWP¯$PNPTFNVFTUSBFOMBTJHVJFOUFºHVSB FMMPJNQMJDB BVNFOUBSFMFTUgOEBSEFUSBOTQBSFODJBBQMJDBCMFBMBTFNQSFTBTQ|CMJDBTFO EPTHSBEPTEFOUSPEFTVFTUSVDUVSBKFSgSRVJDBSFTQFDUPEFMFTUgOEBSRVFFYJTUF QBSB MBT TPDJFEBEFT BOwOJNBT BCJFSUBT &O FM GPOEP  NJFOUSBT MBT FNQSFTBT Q|CMJDBTIBCSrBOBEPQUBEPVOFOGPRVFGPSNBMDPOMBJOUFODJwOEFMJNJUBSFM JNQBDUPEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB FM$1-5IBCSrBBEPQ UBEPVOFOGPRVFNBUFSJBMDPOMBJOUFODJwOEFBVNFOUBSMBEJGFSFODJBFOUSFMPT FTUgOEBSFTEFMBTFNQSFTBTQ|CMJDBTZMBTTPDJFEBEFTBOwOJNBTBCJFSUBT

MPT"TUJMMFSPTZ.BFTUSBO[BTEFMB"SNBEB -FZ/ BSUrDVMP   4FDDJwO J EFMSFGFSJEP*OTUSVDUJWP.JOJTUFSJBMEFEFBCSJMEF  $1-5 DPOTJEFSBOEPTZEFMB%FDJTJwO"NQBSP/3

"/6"3*0%&%&3&$)01Ì#-*$06%1



'JHVSB$PNQBSBDJwOEFMPTFTUgOEBSFTEFUSBOTQBSFODJBFOUSFTPDJFEBEFT BOwOJNBTZFNQSFTBTQ|CMJDBT &OEFSFDIPDPNQBSBEP MPTFTUgOEBSFTEFUSBOTQBSFODJBTVFMFOFTUBSSFMBDJPOB EPTDPOMBDPOºHVSBDJwOZQSPGVOEJEBEEFMNFSDBEPEFWBMPSFT1PSVOMBEP  QBrTFTDPNP$IJMFP"MFNBOJB EPOEFFMNFSDBEPEFWBMPSFTTFDBSBDUFSJ[BQPS MB QSFTFODJB EF BDDJPOJTUBT DPOUSPMBEPSFT GVFSUFT  UJFOEFO B ºKBS FTUgOEBSFT EFUSBOTQBSFODJBNFOPSFTZTPMBNFOUFFYJHFOEJWVMHBSEFUBMMBEBNFOUFMBSF NVOFSBDJwOEFMPTNJFNCSPTEFMEJSFDUPSJP BTrDPNPUBNCJnOMBEFMHFSFOUF HFOFSBMDVBOEPFTUFDBSHPFTFKFSDJEPQPSVONJFNCSPEFMEJSFDUPSJP1PSPUSP MBEP QBrTFTDPNP*OHMBUFSSBP&TUBEPT6OJEPT EPOEFMPTNFSDBEPTEFDBQJUB MFTTPOQSPGVOEPTZFMDPOUSPMFTUgEJTQFSTPFOUSFVOBNVMUJUVEEFBDDJPOJTUBT NJOPSJUBSJPT UJFOEFOFTUBCMFDFSFTUgOEBSFTEFUSBOTQBSFODJBNBZPSFTZFYJ HFOUBNCJnOFOUSFHBSJOGPSNBDJwOEFUBMMBEBSFTQFDUPEFMBSFNVOFSBDJwOEFM HFSFOUFHFOFSBMZEFMPTQSJODJQBMFTFKFDVUJWPTEFMBDPNQBvrB &OUnSNJOPTHFOFSBMFT MBMJUFSBUVSBFTQFDJBMJ[BEBTFvBMBRVFFTUBEJWFSHFODJB FO FM EFSFDIP DPNQBSBEP PCFEFDFSrB B RVF MB QSFTFODJB EF VO DPOUSPMBEPS GVFSUFHBSBOUJ[BRVFFMEJSFDUPSJPDVFOUFDPOQPEFSTVºDJFOUFQBSBNBOUFOFS MBTSFNVOFSBDJPOFTEFMHFSFOUFHFOFSBMZTVFRVJQPEFUSBCBKPEFOUSPEFMrNJ UFTSB[POBCMFT'SFOUFBFTUFDPOUFYUP MBQVCMJDJEBEEFMBTSFNVOFSBDJPOFTEFM  'FSSBOJOJ (VJEP .PMPOFZ /JBNIZ7FTQSP $ISJTUJBOB ®(PWFSOBODF.BUUFST$POWFSHFODF"DSPTT UIF&6&YFDVUJWF1BZ'BVMUMJOF¯   %JTQPOJCMFFOIUUQTTSODPNBCTUSBDU



EJSFDUPSJPDPOTUJUVZFVOBNFEJEBQBSBFWJUBSRVFMPTBDDJPOJTUBTDPOUSPMBEPSFT FYUSBJHBOCFOFºDJPTEFMBDPNQBvrBQPSVOBWrBEJGFSFOUFBMSFQBSUPEFEJWJ EFOEPT"MDPOUSBSJP FOMBTKVSJTEJDDJPOFTDPONFSDBEPTEFWBMPSFTQSPGVOEPT FM DPOUSPM TPCSF MB DPNQBvrB UrQJDBNFOUF FTUg SBEJDBEP FO FM HFSFOUF HFOF SBMZTVFRVJQPEFUSBCBKP RVJFOFTFTUgOFODPOEJDJPOFTEFJOTUSVNFOUBMJ[BS BMEJSFDUPSJPZºKBSTVTQSPQJBTSFNVOFSBDJPOFTNgTBMMgEFNgSHFOFTDPN QFUJUJWPT'SFOUFBFTUFPUSPDPOUFYUP MBQVCMJDJEBEEFMBTSFNVOFSBDJPOFT EFMHFSFOUFHFOFSBMZTVTFKFDVUJWPTQSJODJQBMFTDPOTUJUVZFVODPSSFDUJWPQBSB DPNQFOTBSMBEFCJMJEBEEFMEJSFDUPSJP &OWJSUVEEFMPBOUFSJPS MBEFDJTJwOEFM$1-5EFBVNFOUBSMBEJGFSFODJBFOUSF MPTFTUgOEBSFTEFUSBOTQBSFODJBFOUSFMBTFNQSFTBTQ|CMJDBTZMBTTPDJFEBEFT BOwOJNBTBCJFSUBTQPESrBUFOFSVOGVOEBNFOUPSB[POBCMFDPNPMPTEJSFDUP SJPTEFMBTFNQSFTBTQ|CMJDBTOPFTUgOSFTQBMEBEPTQPSVODPOUSPMBEPSGVFSUF RVFBDU|FDPOMPTJODFOUJWPTQSPQJPTEFVOEVFvP FTUPTPSHBOJTNPTDBSFDF SrBOEFQPEFSTVºDJFOUFQBSBOFHPDJBSDPOMPTHFSFOUFTZMBQVCMJDJEBETFSrBFM NFDBOJTNPJEwOFPQBSBNBOUFOFSTVTSFNVOFSBDJPOFTEFOUSPEFNgSHFOFT DPNQFUJUJWPT"VORVFMPTQVCMJDJUBEPTFTDgOEBMPTTPCSFMPTQMBOFTEFKVCJMB DJwOEF$PSSFPTEF$IJMFPMBTBTFTPSrBTDPOUSBUBEBTQPSMB&NQSFTBEF'FSSP DBSSJMFTEFM&TUBEP &'& QBSFDJFSBOBQPZBSFTUBJOUVJDJwO MPDJFSUPFTRVFMB FWJEFODJBEJTQPOJCMFTVHJFSFQSFDJTBNFOUFMPDPOUSBSJP &O QSJNFS MVHBS  MBT NFEJEBT EF QVCMJDJEBE FO NBUFSJB EF SFNVOFSBDJPOFT QBSFDJFSBOUFOFSVOFGFDUPQFSWFSTPFONBUFSJBEFDPTUPT1PSVOBQBSUF MBT FNQSFTBTDPONFOPSFTOJWFMFTEFFºDJFODJBFONBUFSJBEFSFNVOFSBDJPOFT  UJFOEFO B JODSFNFOUBS MPT DPTUPT EJSFDUPT EF MB USBOTQBSFODJB  DPOUSBUBOEP BTFTPSrBT MFHBMFT Z DPOUBCMFT RVF QFSNJUBO B MPT HFSFOUFT FMVEJS FO UPEP P QBSUFMBTPCMJHBDJPOFTEFJOGPSNBS1PSPUSBQBSUF MBTFNQSFTBTDPONBZPSFT OJWFMFTEFFºDJFODJBFONBUFSJBEFSFNVOFSBDJPOFTNVFTUSBONFKPSEJTQP TJDJwOBDVNQMJSMBTPCMJHBDJPOFTEFJOGPSNBS QFSPFOFTUFDBTPUrQJDBNFOUF BVNFOUBOMPTDPTUPTJOEJSFDUPTEFMBUSBOTQBSFODJBQPSMBWrBEFGPS[BSBMB FNQSFTB B JODSFNFOUBS QFSJwEJDBNFOUF MPT TVFMEPT Z CFOFºDJPT EF TVT HF  6OBFYUFOTBFYQPTJDJwOEFFTUFBSHVNFOUP FO#FCDIVL -VDJBOZ'SJFE +FTTF 1BZ8JUIPVU1FSGPSN BODF5IF6OGVMºMMFE1SPNJTFPG&YFDVUJWF$PNQFOTBUJPO  )BSWBSE6OJWFSTJUZ1SFTT    $PVMUPO +FGG +BNFT $MBZUPOZ5BZMPS 4UFQIFO 5IF&GGFDUPG$PNQFOTBUJPO%FTJHOBOE$PSQPSBUF(PW FSOBODFPOUIF5SBOTQBSFODZPG$&0$PNQFOTBUJPO%JTDMPTVSFT6544DIPPMPG"DDPVOUJOH8PSLJOH 1BQFST  

"/6"3*0%&%&3&$)01Ì#-*$06%1



SFOUFTQBSBFWJUBSRVFFNJHSFOBFNQSFTBTEFMBDPNQFUFODJB%FFTUFNPEP  FONBUFSJBEFSFNVOFSBDJPOFT MBUSBOTQBSFODJBQBSFDJFSBTFSOPTPMBNFOUF VONFDBOJTNPDPTUPTP TJOPQBSUJDVMBSNFOUFJOKVTUPDPOMBTFNQSFTBTNgT FºDJFOUFT &OTFHVOEPMVHBS FYJTUJSrBOBMUFSOBUJWBTSFHVMBUPSJBTNFOPTDPTUPTBTZNgT FºDBDFTRVFMBUSBOTQBSFODJB"Tr QPSFKFNQMP QPESrBOBEPQUBSTFNFEJEBT QBSBQPUFODJBSFMQPEFSEFMEJSFDUPSJP DPNPTVDFEFDPOMBPCMJHBDJwOEFFYJHJS VOQSPOVODJBNJFOUPFYQMrDJUPEFMPTNJFNCSPTEFEJSFDUPSJPBDFSDBEFMBKVT UJºDBDJwOEFMBTSFNVOFSBDJPOFT DPOFMPCKFUJWPEFDPNQSPNFUFSTVSFTQPO TBCJMJEBEQFSTPOBMFOMBTEFDJTJPOFTEFFTUFUJQP"TrUBNCJnO MBMFHJTMBDJwO USJCVUBSJBTVFMFPGSFDFSIFSSBNJFOUBTFTQFDJBMNFOUFFGFDUJWBTQBSBDBTUJHBSMBT SFNVOFSBDJPOFTEFMPTHFSFOUFTRVFFYDFEBONgSHFOFTDPNQFUJUJWPT4PS QSFOEFOUFNFOUF BNCBTBMUFSOBUJWBTDPNQBSUFOEPTJNQPSUBOUFTTJNJMJUVEFT FWJUBOMPTDPTUPTEFMBUSBOTQBSFODJBBMNBOUFOFSMBJOGPSNBDJwOBJTMBEBEFO USPEFVOgNCJUPEFDPOºEFODJBMJEBEZFYDFEFOMBSHBNFOUFMBDPNQFUFODJB EFM$1-5 &OEFºOJUJWB FMBVNFOUPEFMBUSBOTQBSFODJBFOMBTFNQSFTBTQ|CMJDBTQPSTP CSFFMOJWFMRVFºKBMBSFHVMBDJwOEFMBTTPDJFEBEFTBOwOJNBTBCJFSUBTDPSSFT QPOEFBVOBPQDJwOQPMrUJDBBEPQUBEBQPSMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO 1|CMJDB'SFOUFBFMMP MBEFDJTJwOEFM$1-5EFJOUFSQSFUBSMBMFZBVNFOUBOEP MB CSFDIB FOUSF BNCPT FTUgOEBSFT QBSFDJFSB GVOEBSTF FO VOB EFTDPOºBO[B JOUVJUJWBBDFSDBEFMBDBQBDJEBEEFMBTFNQSFTBTQ|CMJDBTQBSBNBOUFOFSMPT TVFMEPT EF TVT HFSFOUFT Z FKFDVUJWPT EFOUSP EF NgSHFOFT DPNQFUJUJWPT 4JO FNCBSHP  FTF SB[POBNJFOUP PNJUF VO BTQFDUP FTFODJBM MPT JODSFNFOUPT FO FM FTUgOEBS EF USBOTQBSFODJB QFSNJUFO B UFSDFSPT BDDFEFS B NBZPS JOGPSNB DJwOTPCSFMBSFNVOFSBDJwOEFMPTHFSFOUFTZFKFDVUJWPT QFSPTPODPNQMFUB  -FXFMMFO 8JMCVS 1BSL 5BFXPPZ3P #ZVOH ®4FMG4FSWJOH#FIBWJPSJO.BOBHFST±%JTDSFUJPOBSZ*OGPS NBUJPO%JTDMPTVSF%FDJTJPOT¯ FO+PVSOBMPG"DDPVOUJOHBOE&DPOPNJDT 7PM %FIFDIP  SFTVMUBMMBNBUJWPRVFMBBUFODJwOEFM$1-5TFIBZBDFOUSBEPFO57/ RVJnOIBCrBTJEPSFDPOPDJEBDPNP VOBEFMBTFNQSFTBTQ|CMJDBTNFKPSFWBMVBEBTFONBUFSJBEFUSBOTQBSFODJBJODMVTPQPSMPTTFDUPSFTNgT DPOTFSWBEPSFTEFMBPQJOJwOQ|CMJDB WFS®&WBMVBDJwOEFMOJWFMEF$VNQMJNJFOUPEFMBT0CMJHBDJPOFTEF 5SBOTQBSFODJB"DUJWBRVF5JFOFOMBT&NQSFTBT1|CMJDBT¯ FO&TUVEJPT'VOEBDJwO+BJNF(V[NgO EF PDUVCSFEF  (PSEPO +FGGSFZ ®&YFDVUJWF$PNQFOTBUJPO*G5IFSF±TB1SPCMFN 8IBU±TUIF3FNFEZ ¯ FO+PVSOBM PG$PSQPSBUJPO-BX   1PMTLZ (SFHH ®$POUSPMMJOH&YFDVUJWF$PNQFOTBUJPO5ISPVHIUIF5BY$PEF¯ FO8BTIJOHUPO-FF -BX3FWJFX 



NFOUFJOFºDBDFTQBSBBVNFOUBSFMQPEFSEFMEJSFDUPSJPEFOUSPEFMBFNQSFTB %FFTUFNPEP FMFOGPRVFNBYJNBMJTUBEFM$1-5BVNFOUBSrBMPTDPTUPTEFMB USBOTQBSFODJB QFSPTJODPOTFHVJSOJOH|OCFOFºDJPBTPDJBEPBNFKPSBTFOFM HPCJFSOPDPSQPSBUJWPEFMBTFNQSFTBTQ|CMJDBT&OPUSPTUnSNJOPT EJTNJOVZF MBDBQBDJEBEDPNQFUJUJWBEFMBTFNQSFTBTQ|CMJDBT QFSPEFKBOEPTVCTJTUFOUF FMQSPCMFNBEFGPOEPRVFQSFUFOErBDPNCBUJS.gTBMMgEFMPTBQMBVTPTRVF TFHVSBNFOUF UBNCJnO SFDJCJSg FTUF FOGPRVF NBYJNBMJTUB FO MB DrOJDB DPSUF EFMFNQFSBEPS EFTEFVOBQFSTQFDUJWBEFQPMrUJDBQ|CMJDBSFTVMUBGSBODBNFOUF QSFPDVQBOUF

7$PODMVTJPOFTVOCBMBODFTPCSFFMEFTFNQFvPEFM$1-5 4FH|OMPFYQVFTUP MBIJTUPSJBEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDB EFNVFTUSBRVFMBWPMVOUBEEFMMFHJTMBEPSFSBTPNFUFSBMBTFNQSFTBTQ|CMJDBT BVOSnHJNFOFTQFDJBMEFUSBOTQBSFODJB"TVUVSOP FMMPGVFDPOTFDVFODJBEF VOB PQDJwO EF QPMrUJDB Q|CMJDB RVF JOUFOUBCB QPOEFSBS UBOUP MPT QSJODJQJPT DPOTUJUVDJPOBMFTEFQVCMJDJEBEFOMBGVODJwOQ|CMJDBZEFJHVBMEBEEFSnHJNFO KVSrEJDPDPOMBTFNQSFTBTQSJWBEBT DPNPMPTQPUFODJBMFTDPTUPTZCFOFºDJPT EFMBUSBOTQBSFODJB&OQPDBTQBMBCSBT MBTSFHMBTTPCSFUSBOTQBSFODJBBQMJDB CMFTBMBTFNQSFTBTQ|CMJDBTSFTQPOEFOBVOKVTUPNFEJPFOUSFEPTQPTJDJPOFT QPMrUJDBT EJWFSHFOUFT  RVF GVF BMDBO[BEP NFEJBOUF MPT QSPDFEJNJFOUPT NgT SFQSFTFOUBUJWPTRVFDPOUFNQMBOVFTUSPPSEFOBNJFOUP 4JOFNCBSHP FOFMQSJNFSHSVQPEFDBTPT FM$1-5BEPQUwVOBBDUJUVEQBTJWB  FYDVTgOEPTFEFUPNBSVOBEFDJTJwORVFOFDFTBSJBNFOUFJNQMJDBCBSFDIB[BS MBTTPMJDJUVEFTEFBNQBSPEFBDDFTPBMBJOGPSNBDJwOQPSSFTVMUBSJNQSPDFEFO UFTZSFTVDJUBOEPEFFTUFNPEPVOEFCBUFBNQMJBNFOUF[BOKBEPQPSMPTDBVDFT EFNPDSgUJDPT&ODPOUSBTUF FOFMTFHVOEPHSVQPEFDBTPT FM$1-5BQSPWFDIw FMFTQBDJPJOUFSQSFUBUJWPRVFMFEFKBCBMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO 1|CMJDBQBSBBEPQUBSVOBBDUJUVEQSPBDUJWB BVNFOUBOEPJSSF»FYJWBNFOUFMPT FTUgOEBSFT EF QVCMJDJEBE EF MBT FNQSFTBT Q|CMJDBT  QFSP TJO DPOTJEFSBS MPT  %FIFDIP DVBOEPMPTFTUgOEBSFTEFUSBOTQBSFODJBOPWJFOFOBDPNQBvBEBTEFNFKPSBTFOMPTQSPDF EJNJFOUPTEFHPCJFSOPDPSQPSBUJWP MPTHFSFOUFTUJFOEFOBFOGPDBSTFFOMPTSFTVMUBEPTEFDPSUPQMB[PZ FTUgOEJTQVFTUPTBBVNFOUBSMPTOJWFMFTEFSJFTHPEFMBFNQSFTBQBSBFGFDUPTEFKVTUJºDBSTVTSFNVOF SBDJPOFTBOUFMBPQJOJwOQ|CMJDB&OFTUFTFOUJEP JOWFTUJHBDJPOFTSFDJFOUFTTVHJFSFOJODMVTPRVFVOB EFMBTQSJODJQBMFTDBVTBTEFMBEFOPNJOBEB$SJTJT4VCQSJNF IBCSrBTJEPQSFDJTBNFOUFMBSFHVMBDJwO QSPUSBOTQBSFODJBBEPQUBEBFOMPTBvPTQSFWJPT )BOOFT 4IBSPO ®)PXUIF3FHVMBUJPOUIBU'PMMPXFE UIF&OSPO%FCBDMF-FEUPUIF'JOBODJBM$SJTJT¯ FO$(/$PSQPSBUF(PWFSOBODF-BX 7PM 

"/6"3*0%&%&3&$)01Ì#-*$06%1



DPTUPT Z CFOFºDJPT BTPDJBEPT B TV EFDJTJwO $PNP TF BQSFDJB  FM CBMBODF FT TJOEVEBOFHBUJWP-FKPTEFMFTQrSJUVEFQPOEFSBDJwORVFEFCrBJOGPSNBSTV GVODJwODPNPwSHBOPKVSJTEJDDJPOBM FM$1-5QBSFDJFSBFTUBSTFDPNQPSUBOEP DPNPQBSUFJOUFSFTBEBZBEPQUBOEPVOBBDUJUVENJMJUBOUFGSFOUFBMPTDPO»JD UPTRVFFTUBCBMMBNBEPBSFTPMWFS &MQSPCMFNBEFFTUBBDUJUVEFTRVFGSVTUSBMBQSFUFOTJwOBTPDJBEBBMEJTFvPJOT UJUVDJPOBMEFM$1-5ZBNFOB[BDPOQSJWBSMPEFUPEBMFHJUJNJEBE"EJGFSFODJB EFPSHBOJTNPTDPNPMB*OTQFDDJwOEFM5SBCBKPPFM4FSWJDJP/BDJPOBMEFM$PO TVNJEPS DVZPEJTFvPUrQJDBNFOUFBMJOFBMPTJOUFSFTFTEFMBJOTUJUVDJwODPOMPT JOUFSFTFTEFVOBEFMBTQBSUFTFODPO»JDUP FMDPNQMFKPTJTUFNBEFDPOUSBQFTPT QBSBFMOPNCSBNJFOUPEFMPTNJFNCSPTEFM$1-5EFNVFTUSBRVFTFUSBUBVOB BHFODJBQ|CMJDBEJTFvBEBQBSBBDUVBSDPOVOHSBEPJNQPSUBOUFEFPCKFUJWJEBE .gT BMMg EF MBT KVTUJºDBEBT DSrUJDBT RVF SFDJCJw SFDJFOUFNFOUF FM .JOJTUFSJP EF)BDJFOEBQPSEJTNJOVJSMBTBTJHOBDJPOFTQSFTVQVFTUBSJBTEFM$1-5 FTUF DPO»JDUPSFTVMUBJMVTUSBUJWPEFMPTSPDFTJOTUJUVDJPOBMFTRVFQVFEFQSPEVDJSMB DBQUVSBEFVOPSHBOJTNPQPSVOTFDUPSUBOFYUSFNJTUBEFMBPQJOJwOQ|CMJDB DPNPFMRVFTPTUJFOFVOBEPHNgUJDBQVSJUBOBEFMBUSBOTQBSFODJB )BTUB DJFSUP QVOUP  FTUB DBQUVSB SFTVMUBCB QSFWJTJCMF UFOJFOEP FO DVFOUB MB USBZFDUPSJBQSFWJBEFBMHVOPTEFMPT$POTFKFSPTEFM$1-5/PPCTUBOUF UPEP EJTFvPJOTUJUVDJPOBMUJFOFTVTMrNJUFTZFMCVFOEFTFNQFvPEFDVBMRVJFSPSHB OJTNPQ|CMJDPEFQFOEFUBNCJnOEFVOBBVUPDPNQSFOTJwOBDFSDBEFMBGVO DJwORVFMFDPSSFTQPOEFDVNQMJSFOVO&TUBEPEFNPDSgUJDPEFEFSFDIP&O FTUFTFOUJEP MBQSJODJQBMUBSFBEFM$1-5FTUPNBSDPOTDJFODJBEFRVFOPUJFOF MB MFHJUJNBDJwO EFNPDSgUJDB QBSB BMUFSBS FM TFOUJEP EF MBT MFZFT  OJ UBNQPDP GPSNBQBSUFEFMOVNFSPTPVOJWFSTPEF0SHBOJ[BDJPOFT/P(VCFSOBNFOUBMFT RVFQSPNVFWFOVOJEFBMSPNgOUJDPEFUSBOTQBSFODJB"MDPOUSBSJP TVGVODJwO FT CBTUBOUF NgT IVNJMEF Z DPOTJTUF TJNQMFNFOUF FO QSPUFHFS FM FRVJMJCSJP SFMBUJWP RVF JOTQJSB MB -FZ TPCSF "DDFTP B MB *OGPSNBDJwO 1|CMJDB 1PS FMMP   +VOUPBMDBTPBOUFTDJUBEPEFM$POTFKFSP6SSVUJB FM$POTFKFSP0MNFEPQSFTJEJwMB'VOEBDJwO1SP"DDF TP3FTQFDUPEFTVTDPOWJDDJPOFTQFSTPOBMFTBDFSDBEFMQSJODJQJPEFUSBOTQBSFODJB SFTVMUBOJMVTUSBUJWBT TVTJOUFSWFODJPOFTEVSBOUFMBUSBNJUBDJwOEFMB-FZTPCSF"DDFTPBMB*OGPSNBDJwO1|CMJDBJOTJTUJFOEP TPCSFMBQFSUJOFODJBEFTPNFUFSBMBTFNQSFTBTQ|CMJDBTBMSnHJNFOHFOFSBMEFMPTwSHBOPTEFMBBENJ OJTUSBDJwOEFM&TUBEPTPCSFMBCBTFEFRVFTFSrBMBUFOEFODJBFOFMEFSFDIPDPNQBSBEP FO4FTJwO/ EFMB$gNBSBEF%JQVUBEPT EFNBZPEF Z4FTJwO/EFM4FOBEP EFKVMJPEF1BSBVO DPOUSBQVOUPBDFSDBEFMBUFOEFODJBEFMEFSFDIPDPNQBSBEPZVOBOgMJTJTEFMBTDPNQMFKJEBEFTEPDUSJ OBMFTZKVSJTQSVEFODJBMFTRVFIBHFOFSBEPFOTVBQMJDBDJwO 'FSOgOEF[ 4FWFSJBOP&MEFSFDIPEFBDDFTP BMPTEPDVNFOUPTBENJOJTUSBUJWPT  &EJUPSJBM.BSDJBM1POT  Z 3BNT -FPOPS &MEFSFDIPEF BDDFTPBBSDIJWPTZSFHJTUSPTBENJOJTUSBUJWPT  &EJUPSJBM3FVT  



DPOºBNPT FO RVF MB FYDJUBDJwO QPS MB OPWFEBE EF MB -FZ TPCSF "DDFTP B MB *OGPSNBDJwO1|CMJDBTFSgQBTBKFSBZRVFEFKBSgQBTPBVOFTQrSJUVSF»FYJWP  EPOEFºOBMNFOUFFM$1-5QPESgSFDVQFSBSMBJOPDFODJBEFMOJvPEF"OEFSTFO ZEFDJSMFTEFVOBWF[BMPTTBTUSFTEFMBUSBOTQBSFODJBRVFZBIFNPTUFOJEP TVºDJFOUFEFTVTWJSUVEFTJOWJTJCMFT

"/6"3*0%&%&3&$)01Ì#-*$06%1



Lihat lebih banyak...

Comentarios

Copyright © 2017 DATOSPDF Inc.